We are entering an age in which corporate predictions and decisions can’t be made without sound analytical backing. Without data credibility, even the most promising ideas and initiatives will be shot down. In an interview with the Harvard Business Review, Tom Davenport (author of the book, Analytics at Work: Smarter Decisions, Better Results) expounded on this point:
“[Analytical leaders] insist on decisions being made on the basis of facts. So you see the kinds of leaders pushing back when people say, I think we should develop this particular product, or we should make this change to our website, or whatever. The best companies will say, well, what’s the data to support that particular hypothesis?”
Everyone across the workforce is going to be held accountable to step up as precision managers and analytics practitioners. No one will be spared. If workers don’t embrace an analytics state of mind, chances are they won’t make it in this emerging data-driven landscape. If anything, there is a greater need to procure analytics talent that is already devoted to these practices and not just playing catch up.
Scott Pollak (a Principal at PwC and co-leader of the PwC Workforce Analytics practice) explained, “Companies that don’t start working on workforce analytics today will realized, in a few years, they have been outpaced and can’t catch up.”
To put it in perspective, Forbes revealed that “87% of enterprises believe big data analytics will redefine the competitive landscape of their industries in three years,” and 89% believe that companies that don’t adopt will “risk losing market share and momentum.”
Big data and analytics has gained serious momentum because of the technology advancements that have taken place. You can certainly make the argument that business leaders always wanted that use their data to gain a bigger perspective. Leaders could only do so much top-down analysis with Excel pivot tables and Crystal reports.
Not only has analytics become more sophisticated, it’s become more accessible and scalable thanks to the cloud. Running analytics through the cloud presents a robust and cost-efficient environment for managing and processing large-scale data sets.
Computer World ranked the development of cloud-based analytics as their No.1 trend for big data analytics overall. Some organizations are merely dipping their toes in the cloud waters. Others are doing cannon bombs. Either way, cloud and analytics providers are realizing that businesses want to test the waters.
Still, this technology can only reach its potential with analysts in place to collect, organize, and interpret the data findings.
Venture Beat: “Building this [data-driven] culture involves fostering a data-driven way of thinking within the organization. It also involves hiring the right people to grow the culture.”
Learn how QueBIT can help you adopt the best-fit analytics solution for your organization and join us on this free educational webinar and explore your path on the Bridge to the Cloud. Register today!