It’s no secret that data and analytics play a key part in every organisation’s digital transformation efforts. Data science has…

Subscribe

It’s no secret that data and analytics play a key part in every organisation’s digital transformation efforts. Data science has become a rapidly progressing field thanks to the crucial role it plays in understanding big data.

Although data has become a real game-changer harnessing it is not always straightforward and many global corporations are struggling to leverage their data assets. These strategies generate an overabundance of data – and even more questions, requiring more analytics than most can possibly imagine. They also require continuous analytic breakthroughs in order to achieve a true digital transformation.

This pressure to exploit data in new ways and the increased emphasis on digital transformation is also causing a tremendous amount of strain on organisations’ analytics teams. Although many are investing heavily in data technologies to transform their organisations, quick access to information and insights can be impossible – and many are still failing at putting this data in the hands of the business people who must make use of the insights.

A key tactic for improving data access and providing insights involves bringing the two elements of data and data science together. For many organisations unifying these in order to drive digital transformation continues to be a challenge. Every vertical and department has a need for ingesting disparate content and performing complex analytic processes against it to drive value from the massive accumulation of ’dark data’ stored by organisations. Unlocking the value of such data through data analytics is key to guiding leaders make more informed decisions.

One of the principal ways in which organisations can unify data and data science is by changing the status quo and developing an analytics culture across the business. Analytic teams serve as the backbone to digital transformations, but more often than not we find that analytic teams are starting from an insufficient position, attempting to innovate with legacy holdovers of analytics processes, technology and team alignments. Holding on to these relics are the biggest barriers to analytic alignment and innovation.

Leaders focussed on digital transformation should target  both cultural and technology strategies that help to create an analytics competency to fuel digital innovation. This is no small task. With data skills in short supply and demand for data-related roles set to continue to rise within the next four to five years, this is either exciting or intimidating depending on what side of the analytic effectiveness spectrum you’re sitting!

Linking up data insight to people with vital business knowledge is paramount to organisations wanting to make the most of data analytics. Not only will it enable the organisation to understand data analytics at every level it will also create an army of ’citizen data scientists’. Uniting departments that otherwise would have been siloed while generating more insightful and valuable analyses. Empowering these burgeoning citizen data scientists is a unique opportunity for organisations to compete in today’s digital economy. These individuals are eager to learn and develop new skills to improve their personal development and contribute to the business, but they can only be harnessed with the right enablement, support and self-service tools. What’s more, according to a survey conducted by Forbes Insights in collaboration with EY organisations which have an analytics strategy central to their overall business strategy are approximately five times more likely to achieve revenue growth and operating margin greater than 15 per cent, as compared to organisations lacking an analytics vision.

With the hyper-focus on digital transformation, it’s important to keep it in perspective. It isn’t always about new ‘things’, it’s about new value. Harnessing the networking effect of data, people and technologies paves the way to creating a sustainable cycle of analytic innovation that drives digital transformation.

Subscribe

Related Stories

Digitalisation of procurement is a top priority – Globality

There is an urgent need for the digitalisation of the procurement function, according to a new report from leading smart sourcing solutions organisation Globality

Issue 31 of Interface magazine is live!

This month’s cover story reveals the cycles of transformation, being led by CDO Lucho Torres, which are driving the disruptive digital journey at Peru’s second largest financial services group

Issue 30 of Interface magazine is live!

This month’s cover story explores the customer-centric digital transformation journey of leading insurer AXA being led by UK & Ireland CIO Darrell Ryman

Welcome to another packed issue of CPOstrategy!

Our cover story reveals a massive procurement transformation programme at Zendesk

Issue 29 of Interface Magazine is live!

Our cover story examines how Microsoft is accelerating innovation for sustainable growth by providing specialised solutions supporting financial health for enterprises and their customers in the Azure cloud

Issue 28 of Interface Magazine is live!

Our cover story investigates how the latest cybersecurity technologies ensure the Commonwealth Bank and its customers are protected from cybercrime

Issue 29 of CPOstrategy is live!

Procurement transformation is at the heart of our chat with Tod Cooper, Director Procurement at the Department of Corrections in New Zealand

Issue 27 of Interface Magazine is live!

Our exclusive cover story this month explores how IAG Firemark Ventures is disrupting insurance to reimagine the customer journey today…

Issue 26 of Interface Magazine is live!

Our exclusive cover story this month takes a drive down the information superhighway with Auto Club Group and the Automobile…

We believe in a personal approach

By working closely with our customers at every step of the way we ensure that we capture the dedication, enthusiasm and passion which has driven change within their organisations and inspire others with motivational real-life stories.