Democratizing Analytics
The world is constantly changing around your organization. The increasingly rapid pace and massive scale of the online world are already forcing companies to evolve, but many other external factors also impact organizations across the globe. Economic uncertainty, geopolitical instabilities, persistent inflation, and strained supply chains are now the new normal. How does your organization stay ahead of all this ever-evolving change? Perhaps a better question is: what is it that allows successful companies to be flexible, adaptable, and resilient when the business environment around them shifts dramatically? How are they able to identify challenges in their busi‐ ness and adapt quickly to minimize impacts? The simple answer is: information. Successful organizations fuel decisions with informa‐ tion derived from analyzing data.
- This doesn’t mean opening all data to everyone throughout the organization. Rather, it’s empowering employees in a moderated and structured way to better assess and analyze data appropriate to their role in the business. It’s giving them power to derive insights from data to optimize and augment business processes with analytics at all levels within an organization in order to improve efficiency, save costs, and gain profits. To understand how analytics democratiza‐ tion is beneficial, it’s important to compare the practices of industry leaders who’ve adopted analytics democratization to those who lag in competitiveness.
- For example, analytically mature organizations outperform compet‐ itors in three-year and five-year operating income as well as many other financial metrics. Even small changes in analytics maturity pay huge dividends. Businesses that leverage analytics to drive decision vi | Introduction 1 International Institute for Analytics, “Analytics Maturity Powers Company Performance”. making pull in nearly six times more revenue than businesses that use analytics only for reporting!1 Evolving into an analytically mature organization provides many benefits and opportunities, but how does a company get there—and what obstacles must it navigate along the way?
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