Study Shows How Data Analytics Can Pay Off Big
The study polled almost 3,000 business analysts and leaders in 108 countries and across 30 various market places. "The correlation between performance and managers who use analytics has important implications for organizations whether they are seeking growth, efficiency, or competitive differentiation," said Fred Balboni, global leader, Business Analytics and Optimization Services, IBM. "This study shows that when organizations use analytics to tackle their biggest challenges, they can overcome seemingly intractable challenges." MIT Sloan Management Review's Editor-in-Chief, Michael Hopkins said top performers are also typically organizations that want to advance and improve analytics use even though they're way ahead of many other companies in understanding the value proposition. "We discovered that the more managers know about analytics-driven management,and see how it can create value, the more they know that they want to know more," Hopkins said. The study revealed the top three hurdles to why analytics isn't being embraced: a lack of understanding about how to apply the technologies, a lack of bandwidth due to competiting IT priorities and a lack of skills in the line of business. Those are pretty scary obstacles from what I can see. Business analytics has proven to be a winning technology. Making businesses run better, faster, more efficient and more productive has long been a top IT goal. And while IT teams aren't shoring up ranks fast and furious, I would think business skills has to be at the top of the list in hiring on needed staff. The interesting study also reveals a series of steps enterprises should undertake to get ont he analytics train and keep moving forward. Tune in tomorrow when we'll examine those steps. |
