The 5 questions to ask yourself
|Is my organisation open to new ideas that challenge current practice?|
|Does my organisation view data as a core asset?|
|Is senior management driving the organisation to become more data driven and analytical?|
|Is my organisation using analytical insights to guide strategy?|
|Are we willing to let analytics help change the way we do business?|
If you answered yes to the 5 of these questions then you are using analytics to drive a competitive advantage in your business, Well done! If your business is lagging behind, it’s never too late to begin optimising with your analytics. If you want your business to gain a greater competitive advantage using analytics, get in contact with Biarri and we can discuss how we can help by building you simple, easy to use custom software solutions that give you the power to use analytics to increase your companies competitive advantage!
Organisations that know where they are in terms of analytics adoption are better prepared to turn challenges into opportunities.
Recent research conducted by MIT Sloan Based on a global executive survey with 2,000+ respondents and interviews with more than thirty executives, suggests that analytics has become a common path to value and organisations that are embracing the sweeping advance of analytics into industry practice and continue to invest in analytics and technology stay ahead of the curve.
So, is your business analytically Aspirational, Experienced or Transformed?
At the starting point toward achieving analytical goals is the ‘Aspirational’ category. Typically your organisation will be focusing on efficiency or automation of existing processes and searching for ways to cut costs. Businesses in this category rarely use rigorous approaches to make decisions and limited use of insights to drive strategies or guide day-to-day operations.
Organisations considered ‘Experienced’ have gained some analytic experience and are exploring better ways to act on analytics and optimisation. Often your business will tend to have a moderate ability to capture, aggregate and analyse data, and employ some rigour around decision making. However these businesses tend to have a focus on insights guiding day-to-day operations and limited ability to leverage these insights to guide future strategies.
Analytically ‘Transformed’ organisations use analytics as a key competitive differentiator, they optimise people, processes and tools and are less focused on cutting costs than those in Aspirational or Experienced stages. These organisations indicated in the research that they substantially outperform their industry peers, reinforcing the performance advantage that results from higher levels of analytics adoption.
If you are serious about taking the next step and successfully implementing data-driven management for creating value then don’t let the data stand in the way!
The leading obstacle is a lack of understanding of how to use analytics to improve the business
Despite popular opinion, getting the right data is not the top challenge organisations face when adopting analytics. 40% of respondents surveyed in the research cited
“the leading obstacle to widespread adoption is lack of understanding of how to use analytics to improve the business. The other major barrier was ‘lack of management bandwidth.'”
Biarri can show how businesses can benefit from embedding the use of data, statistical and quantitative analysis, explanatory and predictive models and fact based management to guide day-to-day operational decisions, inform future strategy and build an inimitable capability.
If you would like to find out more about how you can take your business from analytically aspirational to transformed, feel free to continue the discussion today!