5 Questions: Are You Analytically Innovative or Challenged?

Analytics for your business are extremely important. No matter what type of business you have, paying close attention to the analytics and how you measure all of your data is an integral part of the business. Many people might think of analytics as something only necessary to measure website data, however all businesses online or offline, large or small need analytical measurements. Recent findings from the 2014 Data and Analytics Global Executive Study uncovered 5 questions that can help determine if your organisation is innovative or challenged when it comes to analytics. Why is advanced analytical insights so important? According to the study and report publish by MIT Sloan Management, 80% of companies that fell into the ‘analytical innovators’ category saw their financial results improve yearly.

So how do you answer these 5 questions about your business?

The study classified organisations in 3 categories based on the answers. Where does your business fall and what can you do to become an analytical innovator?

• Analytical Innovators
• Analytics Practitioners
• Analytically Challenged

1. Is my organisation open to new ideas that challenge current practice?

The survey data shows that 90% of Analytical Innovator organisations are open to new ideas that challenge current practices. Change is always difficult, but companies that are continually innovating are also growing and staying ahead of the curve as well as the competition.

2. Does my organisation view data as a core asset?

The Analytical Innovators group answered 3 times more often that they agree with the idea that their organisation regards data as a core asset. Attaching value to this type of data shows everyone in the organisation how important it is.

3. Is senior management driving the organisation to become more data-driven and analytical?

Managers and senior management are pressured to become more data-driven in companies that are Analytical Innovators and Analytical Practitioners. The Analytic Innovators keep pressure on their staff to continually be more fact-driven. Analytic Innovators are more likely to invest in analytics programs and programs that mine data.

4. Is my organisation using analytical in- sights to guide strategy?

Here are 3 ways that your company can become more effective at using analytics insights to guide future strategy:

• Forecast trends and shape how your business responds to shifts in the market
• Use data and analytics to execute your strategy.
• Blending a combination of the two, using analytics to predict, plan, and execute your company strategy.

5. Are we willing to let analytics help change the way we do business?

The group of Analytical Innovators were 4x more likely than even the Analytics Practitioners to change their business operations as a result of analytical findings and predictions. Change is difficult for people and for companies, but as this report shows, monitoring data and making changes as a result of the factual information pulled from that data are the key to growth and prosperity.

Conclusion:

“Analytics has become a common path to value”. Fostering a culture within your organisation that promotes the importance of analytical data and the investment in the time and tools to make changes, adjustments and prediction with that data is the path to financial and overall success.