Businesses have been using information for a long period of time and they have always considered information about the market, the suppliers, the competitors as an important part of their business strategy.
But before the influx of the internet, this information was available in a very limited number and now, with the internet becoming a new normal, information has completely transformed. Well, if you will look at the information in the form of assets then you can say that it is still in the early adoption phase and this is what makes it a competitive differentiator for many organizations.
All those organizations that are looking forward to digital transformation can use the power of information as assets and then make it their USP to thrive in the industry. Such type of new priorities by businesses are making both data and analytics an important part of the business.
Companies using data analytics as a competitive weapon
Both data and analytics are now being considered as the key accelerants of the digitization and transformation efforts of an organization. But at the same time, less than 50% of the documented corporate strategies mention analytics and data as the fundamental components for delivering enterprise value.
Nowadays, you can see many big organizations using the power of data analytics to gain a competitive advantage in the market and they are able to perform well by prioritizing critical aspects of data analytics in their organization. This is why we are seeing a rise in the use of data transformation tools.
But according to the experts, it is being estimated that soon, more than 90% of the businesses out there will start considering both analytics and data as important enterprise assets and thus the use of data analytics is expected to grow at a very fast phase in the near future.
The importance of data and analytics
The digital platform is becoming highly competitive, maybe because of the ease of entering the digital market which requires less investment. With so many businesses present on the digital platform, you have to rely on faster-paced and forward-looking decisions to stay competitive in the market.
This is where data and analytics leaders need to take part in the corporate strategic plans as, without this, there is no way to make sure that both data and analytics are being used as a part of the public-facing enterprise-level plan.
In addition to this, all the data and analytics leaders have to ensure that they are using the best data transformation tools and they must choose these tools on the basis of the specific needs of the business, not on the basis of popularity or price.
Amplification of data and analytics discussions
If organizations are serious about their plans to make the most of data and analytics then they have to start using amplifying data and analytics discussions and make it a routine boardroom discussion topic. Without proper discussion, organizations are not going to witness any progress in this field and thus they will never be able to harness its benefits even after adoption.
Nowadays, almost all the organizations out there are wielding data and analytics as competitive weapons, innovation catalysts, and operational accelerants. Adopting, using, and prioritizing data analytics might not be easy but you have to deal with the challenges for gaining a competitive advantage in the market.
But the most common problem is; there are many businesses that are still relying on the traditional business models along with analog business processes and this is what discounts the potential of both data and analytics.
And then there are those organizations that realize the importance of data and analytics along with their own potential but they are not strong enough to make the necessary shift or commit to information management.
Elevating the enterprise value
When the main role (gaining authority and influence on par with other executives) of the chief data officer will take hold, organizations will start shifting from the trend of using data just as a resource and analytics in the form of reporting and decision-making tools.
With this type of change, data and analytics will become the centerpiece of an enterprise focus, strategy, and investment. This is the only way all the organizations out there can prioritize data and analytics in their organization and embrace its benefits rather than considering it just as a resource of the organization.
In addition to this, data leaders have to ensure that they are equipped with the best data transformation tools and they have a proper strategy to use data and analytics in place. With the right approach and prioritization, all the organizations can thrive on data and analytics rather than considering it just as a common part of the organization that doesn’t need much attention.