Global Analytics Survey – Recognition, Frustration & Best Practices
For three years, Competitive Insights has had the privilege to help orchestrate the Annual Analytics & Big Data Benchmark Study published in Supply Chain Quarterly and DC Velocity each year. As in past years, the responses from the participating companies indicate that most feel that they are early in their journey in achieving that full potential that is possible form Big Data Analytics as demonstrated below:
So what is holding companies back from realizing the full value that can be derived from the sustainable use of Big Data Analytics? Frustration for achieving success can be associated with people, processes, technologies and data related issues. The complete results of the survey is available by request.
How can companies accelerate their progress and get the most value from their Big Data Analytical initiatives? We endorse a “Crawl, Walk, Run” as a bridge to move from a state of frustration to one of ongoing success.
The following is offered as a quick checklist of best practices that we have seen work throughout the years.
Address the People Considerations
- Involve other functions early on
- Avoid “one-off” single design efforts
- Link value to key initiatives
- Ensure visibility of Senior Levels
Consider the Best Process for Development
- Share success with other functions
- Be intentional with your focus
- Adopt a crawl, walk, run approach
- Measure the direct financial impact
Use Focused Technology Techniques
- Design for business users (cross-functionally)
- Apply Agile development techniques
- Ensure scalability
Turn Data From a Liability to an Asset
- Gain organizational consensus on enterprise data sources (cross-functionally)
- Focus the data design (not boil the ocean)
- Invest in repeatable data validation capabilities (organizational trust)
Companies recognize that actionable knowledge that comes from Big Data Analytics is key for survival. Knowledge that allows for informed strategies and decisions that are fact based. Strategies that drive positive and meaningful results. Decisions that allows the organization to out maneuver the competition. Survival will go to those that accurately understand operational performance and the associated drivers.
I would love to know your thoughts on this. Please comment on this posting or email me at firstname.lastname@example.org .
All the best,
Richard Sharpe is CEO of Competitive Insights, LLC (CI), a founding officer of the American Logistics Aid Network(ALAN) and designated by DC Velocityas a Rainmaker in the industry. For the last 25 years, Richard has been passionate about driving business value through the adoption of process and technology innovations. His current focus is to support CI’s mission to enable companies to gain maximum value through specific, precise and actionable insights across the organization for smarter growth. CI delivers Enterprise Profit Insights (EPI) solutions that enable cross-functional users to increase and protect profitability. Prior to his current role, Richard was President of CAPS Logistics, the forerunner of supply chain optimization. Richard is a frequent speaker at national conferences and leading academic institutions. His current focus is to challenge executives to improve their company’s competitive position by turning enterprise wide data from a liability to an asset through the use of applied business analytics.