|A data analytics strategy should be grounded on three pillars / Photo Credit: tsyhun (via Shutterstock)|
According to the 2020 Global State Enterprise Analytics conducted by business intelligence company MircoStrategy, two-thirds (65%) of UK businesses use data analytics to inform business strategy while 63% utilize analytics to drive operations and cost efficiency, wrote Peter Walker on TechRadar, a news platform dedicated to technology. In order for UK companies to gain a competitive advantage, it is important for them to open data access to the whole enterprise. Currently, UK businesses claim that limited access to data across the company is a roadblock to a more effective analytics use. Data privacy and endpoint security concerns are also the biggest stumbling blocks to adoption.
UK firms are faced with the lack of data democratization, which helps empower employees to access, act, and analyze information. Another study conducted by IT service management company Gartner found that business intelligence and analytics adoption was estimated to hover around 30% of all employees. Considering that front-line staffers are responsible for making decisions each day to cater to customers’ needs, “it is a missed opportunity not to involve them in the data journey.”
Lack of data distribution in the organization results in reliance on business analytics and IT to make strategic decisions. By empowering and helping employees to be more aware of data analytics through training and technology, companies can anticipate more intelligent decisions and greater business success. Moreover, democratizing data access frees the IT management and analytics teams, allowing them to focus on business-critical operations.
Walker said that a data analytics strategy should be grounded on three pillars. The first is to think with an open mind and embrace a multi-tool environment. Business owners should consider an open approach platform that guarantees “a secure, governed, scalable, high-performance environment.” The second is to enable every individual, application, process, and device. Since countless business decisions are made each day, insights must be accessed in mere seconds. Tools also need to match users’ ability and data must be readily available on the business applications people use.
Lastly, owners should start with trusted data, augmenting it to gain insights. Users must be equipped with trusted enterprise assets and systems in order for the organization to be successful in the next era of analytics.