Although more and more companies are investing in analytics, very few can maximize full return on their analytics’ investments. Only 4% of businesses today possess the culture, skills, and resources needed to unleash the value of its data analytics. This 4%, dubbed the “Information Elite” in an independent research study, render analytics investments into massive returns that drive top and bottom-line growth, increase shareholder value, and are a distinct competitive differentiator. Of the remaining businesses, over a third are missing key tools necessary to gain useful information from its analytics investments, leading to little or no benefit for its organization. So, what are these businesses missing out on that the “Information Elite” have? Any combination of these four factors can lead to ineffective analytics investments: the analytics strategy is not tied to ROI KPIs, poor investment feasibility knowledge, massive upfront investments, and analytic talent shortages. All four are potentially detrimental to the success of an analytics project, yet completely avoidable.
Aimpoint Digital’s analytics strategy offering can help drive success
Aimpoint Digital’s analytics strategy offering ensures client success through the following core principles:
- We ensure analytics investments are tied to the overall business strategy. Aimpoint Digital’s deep industry and analytics strategy expertise enables businesses to accelerate their strategic vision through data and analytics.
- We perform upfront effort sizing and feasibility assessments. Aimpoint Digital can identify low-hanging fruit to ensure rapid value creation.
- We provide a “Analytics as a Service” model. This model allows for affordable success. Coupled with cloud technologies, this Aimpoint Digital model minimizes required upfront capital expenditures and de-risks investments.
- In a constrained Analytics talent market, Aimpoint Digital’s team of experts makes finding high-caliber talent easy for any business’s analytics investments.
Tie analytics investments to business strategy
First and foremost, of the factors mentioned, analytics investments should be tied and measured to the overall business strategy. More times than not, companies invest in analytics without understanding the value it can generate and how to track that value. As little as 10% of the potential value from advanced analytics is typically extracted, as observed in a recent study. With sometimes minimal grasp on the concept of advanced analytics, organizations struggle to define valuable problems to solve. As a direct result, analytics initiatives then dwindle and fall obsolete. Businesses also tend to treat analytics investments as IT projects, but analytics is not solely a tech issue. CIOs and their teams play a role in such ventures, but analytics initiatives require business stakeholders specifically tied to the operational or strategic outcomes to take ownership of the solutions. Without a clear information and analytics strategy, businesses can miss the chance to capitalize on bigger opportunities.
Assess feasibility early
Lack of a business strategy or inadequate knowledge of potential value often leads businesses to invest in analytic capabilities that do not drive business value. Without analytics use case feasibility assessments, how does a business know where the low-hanging fruit resides? What is the predicted ROI from each use case? Or does value even exist? Many businesses often make the mistake of applying analytics initiatives across every aspect of its organization. This strategy regularly leads to large-scale waste and slow results. When analytics investments are utilized as a fix-all, it can cast a shadow over the actual value that can be added. Without the proper feasibility assessment, the use cases chosen by any given business can yield little to no value.
Minimize upfront expenditures
In traditional models of analytics investments, businesses sink massive upfront capital expenditures on new technology / data centers, talent hiring, and organizational design. Often, the investments then fail to provide a tangible return for the businesses. A sampling of business investment plans from Gartner found only 15% announced moving into production phase with its big data projects. By minimizing upfront expenditures at the start of the project, there is a better chance for success.
Access high-caliber talent
Considering the lack of skilled manpower available to render value from big data ventures, too many businesses are doomed from the start. Finding quality talent for any analytics initiative is difficult and understanding the role that talent plays can prove even more challenging. Typically, most successful analytics projects require teams of data scientists, knowledgeable business analysts, data engineers, infrastructure / IT talent, and executive sponsorship. Hiring and onboarding across these roles presents a significant challenge for most businesses.
Adding to the ranks of the “Information Elite”
Today, many businesses fail to uncover the full potential of its analytics investments and leave money on the table because of avoidable mistakes. Aimpoint Digital focuses on adding to the ranks of the “Information Elite” by providing a multi-pronged approach for businesses looking to harness the value from its data. Assisting businesses in finding the right areas to invest that drive real and tangible value is just the start. By defining a business’s analytics vision, developing the strategy and roadmap, and deploying pilots, Aimpoint Digital helps businesses to rapidly unlock significant ROI through our ongoing “Analytics as a Service” model. With cloud-based technology and a “Center for Excellence”, upfront investments are no longer required. Businesses invest as value and services are delivered. A team of highly qualified data scientists, cloud specialists, and Big Data architects rapidly deliver and execute analytics solutions. In order to stay competitive in today’s marketplace, businesses must unlock and harness the power behind its information assets.
Accelerate your ROI with Aimpoint Digital
Aimpoint Digital’s foundation is a team of best-in-class data scientists, data engineers, management consultants, and industry experts who work together with our clients to accelerate strategic vision through data and analytics. Whether it be defining a vision and strategy or executing on tactical use cases, Aimpoint Digital helps you take an idea from thought through execution. This collaborative journey will enable you to get the most out of your data and technology investments. Contact us to begin your acceleration process.
Tags: Analytics Strategy