According to the inaugural ‘Analytics Impact Index’, Australian organisations extract about 12 per cent less value from their data operations than organisations overseas and are about 14 per cent less mature in their use of analytics. The reasons include a fear of failure but also complacency among those companies that dominate their sector.
Whatever the reason, the cost of not harnessing analytics is high. The index outlined 4 phases a company moves through to achieve analytics maturity. Researchers claim that a company currently at the beginning of the analytics maturity scale could increase profits by an impressive 60 per cent by moving to full maturity. Even moving a single position on the scale could increase profits significantly.
The research also showed that companies fair better when they engage their internal data SME’s in the Analytics projects. This is because analytics needs to be an ongoing process so gaining internal knowledge is a must.
However, many companies worry they cannot find the skilled data scientists they need to ramp up capability.
At Modis, we will often bridge this gap by deploying our own highly skilled people to work inside a client’s organisation. We can also imbed members of a company’s BAU team with our own team to build a company’s analytics maturity.
All a company needs to get started is a small project and some data – however poor. Our ability to create a proof of concept and establish a compelling ROI is rapid and robust enough to meet the scrutiny of any C-suite decision maker. Indeed in our work to date, it has been the C-suite that has brought us in.
Don’t let the volume of data you are generating overwhelm you. It can be harnessed to inform all the areas of your business that can make and break you.
With fast changing business conditions and constant disruption now a hard trend, harnessing all the data available to your company will help you stay above the noise and ahead of the competition.