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Home » Blogs » Richard Sharpe on Analytics and Big Data » Global Analytics Survey – Recognition, Frustration & Best Practices

Richard Sharpe on Analytics and Big Data
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Richard Sharpe is CEO of Competitive Insights LLC, a profit contribution analytics firm that specializes in helping clients efficiently and continuously transform multiple sources of data into actionable operational insights.

Global Analytics Survey – Recognition, Frustration & Best Practices

September 26, 2019
Richard H. Sharpe

Recognition

For three years, Competitive Insights has had the privilege to help orchestrate the Annual Analytics & Big Data Benchmark Study published in Supply Chain Quarterly and DC Velocity each year. As in past years, the responses from the participating companies indicate that most feel that they are early in their journey in achieving that full potential that is possible from Big Data Analytics as demonstrated below:
Big Data Maturity

Frustration

So what is holding companies back from realizing the full value that can be derived from the sustainable use of Big Data Analytics? Frustration for achieving success can be associated with people, processes, technologies and data related issues. The complete results of the survey is available by request.

Big Data Impediments

Action

How can companies accelerate their progress and get the most value from their Big Data Analytical initiatives? We endorse a “Crawl, Walk, Run” as a bridge to move from a state of frustration to one of ongoing success.

Best Practice Bridge

 

The following is offered as a quick checklist of best practices that we have seen work throughout the years.


Address the People Considerations


Blog048d_Bridge_People
 

  • Involve other functions early on
  • Avoid “one-off” single design efforts
  • Link value to key initiatives
  • Ensure visibility of Senior Levels

 

Consider the Best Process for Development

 

Blog048e_Bridge_Process

  • Share success with other functions
  • Be intentional with your focus
  • Adopt a crawl, walk, run approach
  • Measure the direct financial impact

 

Use Focused Technology Techniques
 

Blog048f_Bridge_Technology

  • Design for business users (cross-functionally)
  • Apply Agile development techniques
  • Ensure scalability

 

Turn Data From a Liability to an Asset

 

Blog048g_Bridge_Data

  • Gain organizational consensus on enterprise data sources (cross-functionally)
  • Focus the data design (not boil the ocean)
  • Invest in repeatable data validation capabilities (organizational trust)

 

Companies recognize that actionable knowledge that comes from Big Data Analytics is key for survival. Knowledge that allows for informed strategies and decisions that are fact based. Strategies that drive positive and meaningful results. Decisions that allows the organization to out maneuver the competition. Survival will go to those that accurately understand operational performance and the associated drivers.


I would love to know your thoughts on this. Please comment on this posting or email me at rsharpe@ci-advantage.com.


All the best,
Richard Sharpe

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