August 22, 2014 | Written by: THINK Leaders
Categorized: Data | New Thinking
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To truly obtain the benefits of analytics, companies must create a data-centric culture that reaches across the organization.1 Successful organizations are infusing analytics throughout their organizations to drive smarter decisions, enable faster actions and optimize outcomes. In its 2013 study, Analytics: A blueprint for value, the IBM Institute of Business Value found that 75 percent of high-performing companies—those identified as substantially outperforming their industry and market peers and attributing much of their success to analytics—say that they’re catapulting ahead of the competition, using the technologies to create new business models, sales strategies and connections with customers rather than just to cut costs.2
While a culture of analytics often starts with the CIO, to be effective it must permeate all departments, at all levels. To achieve this, pacesetting CIOs are proactively managing culture change in the company to promote the benefits of using data, then ensuring that analytics are woven into every applicable business process to achieve those benefits.
Fostering a culture of analytics means integrating data analytics into the company’s strategic vision to enable leaders and their teams to realize benefits faster. It also means establishing a set of behaviors and practices that are grounded in a shared belief in making data-driven decisions. Companies with such cultures encourage their people to willingly share data and analysis across organizational silos, and their leaders personally demonstrate the importance of analytics, which is reflected in the business strategy.
CIOs make a difference as change leaders who enable sustainable use of data and analytics across the company. They proactively identify and grow future change champions across lines of business. They not only encourage departments to share data, but also give them the tools to do so. IT has an opportunity to collaborate across functions to enable the use of analytics, establish a career roadmap and compensation for data roles, and bring people together with the common goal of sharing the insights.
1Analytics: A blueprint for value: Converting big data and analytics insights into results