Managing and deriving business value from a deluge of data is the biggest challenge for enterprises today.
Across verticals, businesses are implementing analytics and Big Data to get better at decision making, improving productivity, and becoming smarter enterprises. Advanced data analytics is imperative for a successful Digital business strategy and to reap its benefits businesses need to imbibe smart data governance and put emphasis on context and quality.
Harnessing it for your business, hence requires addressing the challenges and coming up with a plan.
But creating a plan and mapping it to your enterprise needs is complicated. You need to align it with your IT strategy, create a detailed road map for investments in technology assets - software tools and data sets, reinvent IT processes, and mold organizational behavior. At InterraIT, our years of experience at building analytics solutions for clients have helped us draw key insights from such projects and highlight common issues whether it is a small or a large scale analytics transformation.
Let’s discuss this in detail.
Before embarking on an analytics project, it’s important that you develop a plan to put together data, tools, and skilled people to generate business value. This is a preliminary step and is not to be overlooked since it helps establish the common ground to get started and focus on the outcome.
Next on, it’s important that we focus on the common challenges that companies face and work on them to ensure a successful execution:
- Identifying the correct dataset to use ( available internally or externally)
- Securing the right technology for analytics capabilities
- Organizing people, roles & behavioral changes within the organization
- Utilizing the insights rightly to transform your business
These are not to be overlooked since most business IT teams falter here.
Looking at a recent NewVantage Partners survey, only 37% of the businesses surveyed, believed that they were successful in their big data/analytics projects. Hence it is extremely important to understand the key analytics or data governance challenges and steps to overcome them.
Gathering data but not integrating it correctly
The integration of data remains the biggest challenge in analytics today. Even though most teams aggregate or gather their data in one place but they fail to integrate the data rightly received from disparate data sources. A data item “Adam Smith” in one system is not mapped to “Adam Smith” on other systems. This way the business has multiple and incomplete snapshots of the same data item. It is hence important to have a way to match records rightly from disparate sources in order to have the larger view correct.
Tools need to be selected appropriately to avoid manual work and redundancy. Also, Integration is extremely vital because patterns within data are needed to derive insights that help discover competitive advantage and other valuable business intelligence.
The Analytics Talent Gap
As businesses implement analytics, they move beyond elementary BI to predictive and prescriptive analytics utilizing Machine Learning and AI, but finding talented resources for their data analytics teams becomes an issue. Data sciences are a complex field and finding people with the necessary expertise is not easy. There aren’t enough data engineers available to match the demand; hence IT departments are trying to play catch up by partnering with innovative vendors who have the skilled resources.
Getting Real-Time insights
As enterprises move from analyzing stagnant data to deciphering real-time operational data, an entirely new set of data analysis tools – ETL engines, frameworks, computation, and libraries are required to make it work.
Businesses who fail to keep up with the rapidly produced real-time data tend to lose valuable insights from their analytics endeavors. Tools like AWS Glue, Xplenty, etc. provide distinct offerings in this space and help facilitate ETL integrations among other things.
How can analytics partners like InterraIT help?
InterraIT consultants can help improve your business decision making and eliminate risks with Advanced Analytics, Digital Data lakes & BI. Utilize InterraIT’s revolutionary Cloud-based Digital Analytics to end data silos in a fast-growing and increasingly unstructured big data scenario.
▪ Derive powerful Intelligence – Anytime, Anywhere
▪ Consolidate data, Accelerate data engineering processes & build flexible analytic applications
▪ Data Lake Architectures, Foundations & Analytics
▪ Digital Platforms – Build, Design, Migrate & Support services for Digital Analytics Applications
▪ Follow Rapid Prototyping (MVP) for faster go-to-market
Customer Success Story - Transforming organizational Analytics landscape
Companies are actively using advanced solutions that leverage advanced analytics to help improve business decision making.
One of our clients who are also the largest furniture manufacturer in North America had acquired 8 product brands each having their own order processing and sales data management applications. They had a requirement of a single data warehouse as a single source of data and a consolidated reporting system across all brands. To address their challenges, InterraIT consultants helped them build a data model and an advanced ETL solution to improve reporting and decision making for their business.
Key Business benefits achieved:
- Single source of data for reporting solutions
- Improved product quality & ensured timely delivery
- Improved customer relationship management
To sum up
Analytics implemented rightly helps turn organizational data into actionable insights and leverage them to predict buying behaviors, improve decision making insights, and eliminate risks. What is required is to have complete transparency into a business’s data assets for the analytics initiatives to be successful by addressing data governance and more as we move further in 2018.