“Over 70% companies worldwide using big data analytics, have reported better decision making.
54% confirmed better understanding of customers and 47% reported significant cost reductions! “
Do you still rely on traditional analytics alone or are yet sitting on the fence afraid to implement big data and analytics in your organization? Organization that have implemented big data and analytics are 15% more likely to report a significant advantage from their information assets and analytics? So, what’s stopping your organization from fully benefiting from a big data and analytics implementation? Are big data myths restricting you from capitalizing the full potential of big data and analytics for your business?
These myths act as an obstacle for startup ISV owners or CIOs like you to implement big data and analytics into their infrastructure, resulting in latency in decision making and business processes.
The thing about the myths and legends is that there is always a nugget of truth that keeps the mistruth going. This is commonly the case with complex technologies like big data analytics, that are often over hyped and ultimately become susceptible to myths.
Myth 1 – Big Data and Analytics Is Only for Technology Company
CIOs are usually at the forefront of technology and with their experience and expertise they are much better equipped to guide enterprises to harness latest technology. Labeling it as an IT matter is restricting its scope and full potential. Leveraging big data and analytics in an enterprise impacts the entire company – sales, marketing, HR, etc. by creating actionable results to achieve business success. Contrary to popular perception, surprisingly according to Forrester estimates more than 45% of big data and analytics deployments are for marketing. Companies need to develop an impactful and efficient use-case for data analytics to look at it as an asset to solve a business issue or behavioral use case. Among the major companies, UPS is using analytics to improve decision making across the package delivery network and help employees makes better decisions. From key initiatives like to NPT (Network Planning Tools) wherein they use big data to help UPS optimize its logistics network to boosting efficiency of Orion - their fleet management system.
Myth 2- But... Isn’t Big Data Only “An IT Matter”
Big data and Analytics-centered organization isn’t all about technology. Enterprises need to embed analytics into their day-to-day processes and the ability to reimagine the business by developing an enterprise-wide analytics strategy and culture. Thus, with an ‘Analytics First ‘philosophy embedded into the business, analytics insight will deliver the most value and closest positioning to decision making. Both management and staff stand to gain competitive advantage by being ready to embrace data-driven insights.
Myth 3- Everybody in Organization Understand the Value of Big Data and Analytics
Comprehending big data analytics ecosystem can be overwhelming and even seem daunting for most people in the enterprise. Advanced analytical tools and techniques mean nothing if they are not being leveraged by people asking the right questions. Therefore, to make effective use of data, you must help the organization tell better stories that highlight the business value of big data analytics across the organization. You must lean on your IT experts and big data analytics vendor to first develop the use case, understand what data your enterprise needs and the value that your enterprise is trying to get from the data.
Myth 4 – I Certainly Need a Tech Geek to Derive the True Value of Analytics
The IT group in an organization must be viewed as part of the solution, and not the problem. This is possible by developing an enterprise-wide analytics strategy and making enterprise IT - the consultative role in execution of big data and analytics projects. Indeed, it can offer the tools and expertise but to be highly effective, it’ll need the strategic partnership of other business verticals.
Are you still hesitant to adopt big data and analytics for your company’s IT needs? With Four powerful forces converging; Social, Mobile, Cloud, and Big Data and Analytics, it becomes a mandate to choose the right technology partner to empower your enterprise. Our experts at Cygnet work with you to understand your unique needs and can help you outperform in your industry, manage risk, and create IT agility capable of supporting your changing business processes.