Advanced Analytics to stand out from the others [Infographics]
Constantly changing customers´ demand and market gaps are some of the things executives from different sectors must keep in mind to continue generating sales. Data analysis is the only way companies can compete with digital businesses and their disruptive impact on the international market. With respect to Advanced Analytics, the so-called “analytical leaders” are those who invest the most in technology and quality of the data to be analyzed, not only in IT infrastructure.
The fact is the trend in the last few years shows it will continue to grow and more particularly, emergent technologies such as Artificial Intelligence, automated learning and predictive modeling which add a new dimension and define business success as reported by Forbes Insight and Cisco on Advanced Analytics.
According to this survey, more than 50% of the 207 top executives interviewed say data analytics will be crucial to keep market share growth in the coming months. Indeed, more than 60% of those who implemented Advanced Analytics increased profits by 7%. Moreover, companies that invested an additional 10% of their annual budget in this area have increased or expect to increase by 18 to 23% in 2018.
Nevertheless, there are big differences between companies with a long experience in predictive and prescriptive analysis and those which have just started as far as the budget distribution for advanced analytics is concerned and consequently getting better business results. This is mainly due to data strategy approach from C-Suite, summarized as follows:
- Develop a centralized strategy and disseminate it among all the areas of the company.
- Prioritize the quality of the data captured and give direct access to decision-makers to new insight levels based on analytics.
- Optimize investments in new analytical capacities.
- Collaboration as the backbone of analytical success.
- Strategies development to promote and enhance the use of analytics through all the business units.