Data is an asset if implemented and analyzed with proper end to end tools, data is one of the biggest assets for the businesses today, and it’s comparable to other assets that they rely on to grow people, leadership and creativity. Data analyzed with the right tools and technology can unlock valuable insights to assist the rising demand, overcoming many of the operational challenges and even gain an edge over competitors by exploiting the right form of data. Recent research from Gartner revealed that more than half of the organizations almost 54 percent want to use some form of data and analytics to improve their process efficiency with enhanced customer experience; they think with various insights gained from the data, so new product development is at second place with 31 percent of the respondents.
Although the analytics adoption is rising across several different domains of businesses, few enterprises are actually seeing any substantial benefits from the adoption. The survey from Gartner revealed that only 9 percent of the organizations worldwide are feeling that they have reached a transformational level of maturity in Business Intelligence (BI) and analytics. Data solution area has been one of the biggest priority for the business, and over the course of analytics development, it will see major growth in investment. Only 44 percent of the current respondents in North America while 30 percent in Europe, the Middle East, and Africa think that they are getting any transformational or beneficial changes from the complete analytics program. Many businesses and leaders feel that data insights would make drastic changes in the current business process, so the data might come as a surprise that why so few companies have realized the complete capacity of a data-driven model. It’s not that the companies have failed to utilize the data; they are simply trying to understand what is that the businesses are having. The complications in relation with data might seem overwhelming for the business, as the heterogeneous form of data that is being pumped out by the business.
The complete data trap
Many organizations that fail to tap the need should initially determine how to resolve the upcoming challenges before adopting various data analytics solutions easily falling into the futile trap. The need of finding data first can be a challenge, whether looking for it in proprietary applications, departmental business intelligence databases or accumulating in data lakes, locating data for analysis can be very impossible for business. Adding to this rising data complexity fragmentation that is completely unknown and unseen leading to many of the valuable data is just getting stored. What makes the situation grim is because most of the organizations are using the legacy infrastructure for data storage that can result in a wider form of inefficiencies and latency in the data pipeline. To overcome these rising challenges and implement the improved speed of the digital transformation, many organizations would be looking to simplify or extract the insights from the limited data that can yield only broader results providing little value. Overcoming the current obstacles in data analytics is less complicated than the technologies that would be powering the complete business value.
With better adoption solution
Businesses need to make sure they have clearly considered future proof data strategy. You need to understand where your business is heading before the analytics can transform the complete environment. At first, it might seem as one of the most impossible tasks because data for most organizations is stored in a bifurcated manner, that means it’s worth taking time to build a complete picture of what the organizations have and what they are actually planning to build. Having a complete solution will give you clear steps that need to adapt to achieve it. Most of the organizations choose to move all their data in just one step- it’s like a pick and drop solution. Pick and drop solutions can easily implode risking your complete data authenticity making the process stressful for the IT admins. Having a better approach is to take the measured steps with small scale data projects, it’s also important to consider whether your goal is to have everything on cloud or only a portion of that data on the cloud. Defining your future business solution will depend a lot on the tools you are using currently to get insights about the data, scalability, and reliability should be a basic requirement when defining a complete technology for data analytics.
When it comes to tools, there has been a buzz around the rising technologies such as Hadoop’s scalable HDFS storage, NoSQL/ NewSQL systems for data processing and streaming solutions such as Spark or Kafka emerging over last few years. Having a fast database analytics solution is the key for running predictive analytics for huge storage, combined with in-memory technology that can be integrated with existing systems making it suitable to bring cloud solutions. Having an analytics solution will not only make you stay ahead in your market, but it will improve the present efficiency of the operational environment. Decision-makers need data insights to make more informed conclusions on the complete data they have, the current challenge for the businesses would have the required education to counter the ongoing training and development. Business users need to understand and elevate various information putting the complete data in the strategic context.
Implementing a complete and successful data analytics can be transformative for the businesses delivering a considerable competitive advantage. It enables the organizations to improve the profitability along with customer satisfaction providing the required retention, drive innovation, and generate new business solution when used effectively. A combination of the right data strategy with appropriate data technology and with well-trained users that can assist the analysts in critically maximizing those benefits.