How to Embrace Data Analytics to Be Successful

How to Embrace Data Analytics to Be Successful:

This follow-up report to “The Data Analytics Implementation Journey in Business and Finance” identifies the factors critical for successful deployment of leading-edge analytics. The findings are based on a recent survey of 170 global business professionals.

While most organizations believe that implementing leading-edge analytics is key to their success, many organizations face challenges in successfully implementing such tools. According to this study:

  • Only half of the respondents feel they have the right tools, culture, data, and people to support managerial decision-making through the use of analytical technologies;
  • Only a third of organizations believe they have developed strategies for effective use of leading-edge analytic techniques and technologies; and
  • Organizations are more likely than not to face resource challenges when it comes to developing enhanced analytics capabilities.

Many organizations have started on the path to implementing a data-driven culture, believing that implementing leading-edge analytics is a key to their success. Yet achieving this goal requires the presence of a number of attributes. Our study presents six key factors for successfully establishing a data-driven organizational culture:
• Having the right tone at the top—getting support for analytics from top executives.
• Having strategies for effective uses of technology.
• Having a commitment to developing and using data, from both internal and external sources, to support analytics efforts.
• Using monetary and nonmonetary rewards to promote analytical decision making.
• Having a willingness to adequately provide resources to the analytics efforts.
• Ensuring alignment of analytics efforts throughout the organization.