Using this data governance approach, all stakeholders across the enterprise are encouraged to work together to meet the data management challenge.
Businesses must also move beyond traditional sources of data in order to seize opportunities for new insights. There is a plethora of data being generated from a variety of sources. For example, monitoring customer experiences in real time using web analytics, while analysing patterns in visual data, can reveal new sales opportunities that might have been missed in a vast spread sheet.
Step 3: Evaluate and refine
The practice of evaluating data separates those companies discovering an return on investment (ROI) and those who continue to search. It is essential to test your initial analytics insights against the original core business question.
To minimise risk, businesses should adopt a test-and-learn approach, where a new offer or solution is applied to a sample project with the aim of improving a lagging KPI. This provides an opportunity to iron out any problems and adjust the campaign to its full potential.
Following a successful trial, business leaders can look to apply the new insight across appropriate areas of the business.
Step 4: Scale to realise your ROI
So, you've asked the question, gathered your data and tested your insights. If you got it right, these insights can now be applied across all functional areas including customer relationship management, finance and performance, supply chain management and human capital management, while also providing tailored solutions to cross-business challenges.
Gaining a competitive advantage with analytics requires more than technology and data scientists; it requires a great business-driven question to guide an organisation's energy and resources. The organisations that can identify and answer their business questions, will be those who take action and remain ahead of their competitors.
Analytics should be recognised as a powerful tool to be embraced by the entire company, because when done right, it can provide unparalleled benefits to multiple facets within a business. Unlocking the potential of analytics, should not be thrown in the "too hard" bucket; with a clear methodology and targeted approach, this new found intelligence will give your company a calculated advantage.
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