We are currently living in an age in which constant evolution and change leads organizations to question how they can make more assertive decisions. The competitiveness of organizations reaches, each day, levels never seen before. Companies, whether small or large, have the constant need and challenge to maximize their operations so that they remain attractive to the market, and thus achieve their best results.
In a setting where details can make the difference between success and failure of organizations, identifying solutions that make managers capable of finding the best way to drive their company's growth is a key asset. And while this is not a new concept, Analytics has become an essential part of any organization's strategy.
According to the Harvard Business Review, although data is at the heart of digital disruption, only 50 percent of unstructured data is used by businesses. In this sense, the big question is how to withdraw and extract value from all the amount of information that is generated. According to IDC, 80% of European companies have digital transformation at the heart of their strategy, as they already see this trend as important and essential to their evolution. But if, on one hand, they are becoming very rich in terms of stored data, on the other hand, in terms of insights gained, they are still far short of what they should be.
As a result, companies are increasingly looking for Big Data and Analytics solutions, and typically the more competitive sectors have a greater need to implement these solutions, such as the Retail, Energy, Telco, Banking, Insurance, Pharmaceutical and Logistics sectors.
It is crucial that the focus of decision-makers is not on technology but on the realization of the value that these solutions offer, mainly, in decision support at all levels, and it is extremely important to clearly define the strategy, that is, the development and implementation of a plan that involves a set of business cases with problems that need to be solved in order to bring insights from these data and see results in the business. We can not "attack" all sources at first to avoid dispersion.
Although this is not a recent issue, the issue of democratization of information is of great relevance, since we continue to observe in several organizations the development of information silos, mostly closed in IT technicalities, not that they are not necessary, just not as efficient. A modern Big Data and Analytics solution gives freedom to the user, being an IT or business user, to find, match and discover the needed information in a simple and intuitive way. In addition to discovery and visualization, we consider it imperative that organizations begin to look at information as a mechanism for effective decision making.
It is indeed a mistake to think about choosing a technological solution before thinking about business needs. The process must always be the reverse, that is, it is first necessary to analyze what kind of information we intend to have for decision making, what means to obtain this information, what areas within the organization need those systems and, finally, how we will make this information available to decision-makers.
The data of the company are like an asset, with a value as great as the products or services that they sell, because, from a better use of internal and external data and its analysis, we can, among several things, adjust to external changes, improve business processes, provide better customer service, improve the organization's image, respect regulatory obligations, generate innovation and make more informed decisions.
On the other hand, adapting the culture of the company and its people to this new reality and working with specialized employees and specialized companies is crucial to your success.
An Analytics and Big Data solution can never be seen as a commodity or as a luxury, but rather as an essential part of organizations' strategy of managing their information to the best of their ability, and for that... Start Small, Think Big.
Opinion article published in media IT Insight – June, 2018