Realizing The Potential Of Big Data And Analytics – Forbesadmin
It’s not what you know. It’s what you do with what you know. That’s something companies worldwide will be learning—for better or worse—in the coming year when it comes to big data.
Gurus among us have proclaimed 2017 will be the year big data goes mainstream. If you’re anything like me, you may be wondering if that has already happened and if not, why? Even many teenagers I know use Google Analytics to monitor their daily “brand.” The truth is 2017 marks an even more meaningful shift when it comes to using data in business. For the first time, it will drive business operations, rather than simply reflecting performance. That’s a powerful proposition for those who use analytics effectively. On the flip side: It could be absolutely devastating for companies who are falling behind.
If you’re worried your business may have missed the big data boat, you’re in good company. According to the Harvard Business Review, a majority of today’s businesses are “nowhere close” to recognizing the value analytics can bring. The reasons are all-too-familiar: Lack of vision, lack of communication, lack of an actual plan. The good news: you can do something about it. Below are just a few things to keep in mind as you assemble—or re-assemble—your strategic big data plan.
Find A Champion
Like most big changes in any company, management plays a huge role in how quickly their companies will adopt—and adapt—to it. If you are planning to introduce or enhance your analytics platform, establish supporters and mentors in every sector of the company. After all, data is never central. From your front-line customer service team to your top senior executives, the decisions you make based on results and reporting will reach every single layer of your company—including YOU.
Whether gathering data on the front end or making big decisions in the C Suite, every single person in your organization must buy into the value analytics brings. If not, you run two major risks. First, you could end up with dirty data, which is worthless when it comes to making good, solid business decisions. Second, you could amass tons of amazing data insights that are never utilized by your executive teams. Consider creating a dedicated communication campaign surrounding analytics to ensure full-scale penetration and success.
Daniel Newman is CEO of Broadsuite Media Group, principal analyst at Futurum and author of Building Dragons.
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