If you build it, insights will comeDownload the full reportDownload the infographic
Few would deny the importance of using analytics-derived insight to make smarter, faster business decisions. Data-based analytics can reveal client preferences, reduce operational costs and increase marketing effectiveness. However, turning analytics into captured value (return on investment) is no easy task. Good data science is a necessary foundation for every analytics project, yet many projects still fail to achieve their full potential. Analytics value is not just derived from obtaining data volume and variety any more – now critical value drivers are led by veracity (trustworthiness) and velocity (speed to action).
Through years of trial and error IBM has tested how analytics can most effectively drive business outcomes. Experience working with a number of internal IBM business units has led to the identification of four critical success factors that can help optimize the outcomes of business analytics endeavors:
Prime the field: Select data sources based on the potential for acceptance rather than initial perceived perfection
Ease their pain: Provide relevant insights that are easy for users to quickly understand and act upon
Go the distance: Mandate the integration of analytics into the business-as-usual workflow
Expect improvement: Incorporate feedback mechanisms to cleanse data and foster new stages of future analytics.
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