Data and analytics are already playing a crucial role and set to make the future corporate strategies!
Gartner says this as it speaks about the possible impact of data and analytics on the digital transformation trend.
“Leading organizations in every industry are wielding data and analytics as competitive weapons,” says Gartner.
While information is currently in the early adoption phase, it is expected to be the key differentiator for leading organizations in their digital transformation journey.
Further, as information grows to be the deciding factor, data and analytics are poised to become the ‘strategic priorities’ for most organizations.
As of today, less than 50 percent of documented corporate strategies already have data and analytics as the fundamental components for delivering enterprise value.
Gartner predicts the number to rise to 90 percent by 2020, with organizations calling ‘information’ as a critical enterprise asset and analytics as an essential competency.
"Data and analytics will become the centerpiece of enterprise strategy, focus and investment," says Gartner.
The key aspect of discussion is organizational readiness to implement data and analytics practices.
While some organizations are still held up in the traditional operating models, some others are realizing the potential of data and analytics but are unable to bring in required culture change, skillset, investments and more that fulfils the aim.
Right Strategies, Need of the Hour
Chief Data Officer (CDO) has a very crucial role here!
As CDOs begin to take authority, the organizational perspective on data as ‘just a resource’ and analytics as a ‘reporting and supporting tool for decision-making’ will change completely.
Data and Analytics will then take the center stage of a corporate strategy!
Here are a few recommendations that Douglas Laney, Distinguished VP Analyst at Gartner, has towards building data and analytics capabilities:
Collect and Socialize - Study and analyze the stories of other organizations to understand the internal and economic benefits of data and analytics implementation
Insist - Promote the incorporation of data and analytics competencies while on corporate strategic planning. Showcase the same in annual reports, high-level discussions, meetings and more.
Measure and Communicate - Take ahead the value of organization’s information assets to support the culture change that makes 'information' as an actual asset.
Build, Buy and Borrow - Move beyond the traditional business intelligence and welcome advanced analytics competencies such as data science or machine learning across the organization.
On an End Note
"A company's ability to compete in the emerging digital economy will require faster-paced, forward-looking decisions. Data and analytics leaders need to assert themselves into corporate strategic planning to ensure that data and analytics competencies are incorporated within the highest-level public-facing enterprise plans," says Douglas.
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