How fast and how sophisticated should analytics be? These oft contradictory factors determine the analytics approach you take to improve decsion making and execution.
This Forbes Insight Brief with PwC offers 4 models:_
- Intelligence in the moment
- Accelerated agility
- Cover the basics
- Master the chess moves.
Follow the link below to test your own approach and consider the folowing.
No matter which approach you take, if the data is poor or incomplete the analytics and decisions will be compromised. I visit large enterprises stuffed with various BI & Analytics technologies. A common complaint is that business users look at the BI and Reporting analysts deliver and reject it as they find differences between the pictures the dashboards, visualisations and tables present and their own evidence of the actual status.
Data silos, data creep over time between transactional and reporting systems and conflicts between real-time and batch processing of data add to the growing gaps and differences. Business users throw away the baby with the bathwater and demand analysts go back to drawing board.
To help combat this issue
- Follow the growing practise of ensuring analytics are embedded in enterprise applications and not standalone.
- Use BI platforms & API's to build purpose built analytics to meet the four models described below
- Don't forget the unstructured data!
Business leaders are searching for deep insight and awareness about their markets and customers. They have massive amounts of data and need to frame problems in ways that help them gain new insight. But in business, a new insight alone isn’t enough. Companies must use data to make better decisions. In a recent Forbes Insights executive brief, “Speed and Sophistication: Building Analytics Into Your Workflows,” in association with PwC, we asked executives how data and analytics is changing decision making