“Use of advanced analytics is crucial if organisations are to take advantage of the latest technological developments”, according to Laurie Miles, director of analytics at SAS UK and Ireland, in association with the Centre for Economics and Business Research (CEBR).
Miles said: “Businesses have been producing vast quantities of data for many years now - but it is only in the last few years that it has become truly accessible.”
He added: “Our research has shown that more than half of businesses are currently using data analytics to enhance operations, strategy and financial planning, while many plan to start using data analytics to support people management (33 percent) and demand forecasting (24 percent) in the future.
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Miles explained that the main issue is the way staff are deploying the analytics of which he commented: “Organisations spend too much time developing analytical models without planning who will use them and how.”
He added: “It’s inevitable that analytics becomes siloed, stuck in one department, never receiving the buy-in it needs to achieve its full potential for the wider business. The aim should be to get the analytical framework up and running quickly. When you’re mired in delays, scepticism tends to set in, resistance grows and the value of real-time insight is lost.”
The research by the CEBR found that those who say that 'technical debt' is restricting business innovation are taking proactive steps to resolve the issues by training existing staff on analytics practices (52 percent) and recruiting specialist analytics staff (26 percent).
Miles said of data: “Conversely, some departments can value their data too highly. Concerns over confidentiality or strict data protection regulations can make many weary of sharing data internally.”
“What should be a joined-up and organisational approach to analytics becomes a series of isolated data islands which don’t communicate with each other. It’s no surprise that only a quarter of companies use the full range of data available to them.”
Miles concluded: “When the use of analytics is democratised across a company, everyone enjoys the benefits. There will be obstacles to achieving analytical equality, such as outdated technology, ingrained office cultures and inefficient processes.”
He added: “Businesses leaders have to have the courage to break the rules and challenge the established processes and practices which people have become too comfortable with. Leaders need to say no to “we’ve always done it this way”.”
“The bottom line for business leaders is this: your deployment will succeed via collaboration. Make sure you bring the organisation along with you.”
