Analytics ROI often falls short because businesses overlook important parts of the process.
Businesses across industries want to compete on insights, and yet many of them aren’t getting the ROI they expect. Somewhere between raw data and actionable insights, processes break down or they don’t exist. It’s not just a tool problem. Organizations need to change the way they think and behave.
Data is data
Every company has data, but not all organizations treat data as a valuable corporate asset. If they did, they probably wouldn’t have multiple copies of customer records, none of which is “the golden record.”
“There’s no documentation so there’s no traceability,” said Ivan Chen, director of Enterprise Business Analytics at GPU manufacturer NVIDIA. “If you really want to get value out of your data, you have to put structure around it. We realized that, so we’re putting plans in place to provide a foundation for analytics.”
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