Hi Everyone. David from Rondofiniti here. The Melbourne Business School’s Centre for Business Analytics and AT Kearney have released a white paper for the 2019 Analytics Impact Index.
The survey was based on input from approximately 350 companies across 46 countries. The paper can be found here.
There are particularly two key findings I’d like to make comment on.
1 Only 6% of the organisations surveyed are extracting the full potential of analytics.
2 In terms of analytic stages of excellence, 6% of companies are classed as leaders, 49% explorers, 37% followers and 8% laggards.
From my personal experience, many organisations I come across in Geelong and Melbourne don’t seem to be using data analytics to its full potential, so I can definitely relate to the points above. I often hear the terminology of data science bantered about by business executives, like: machine learning, A.I, prescriptive, descriptive and predictive analytics…etc. However, for many of those companies, the application of such technologies in the literal deployment of their business operations is underutilised (if used at all) and their benefits not clearly understood at the business unit levels. Hence I’m always saying, “every business desperately needs us (data science consultants), but no one knows it”. Obviously this statement is said in haste and is not entirely true, but the essence of it may ring true for many organisations.
Lastly, business intelligence is very powerful, particularly with the aid of compelling visualisations. However, I’ve come across several organisations recently which are overdoing the visualisations. Its better to have a few very well designed and compelling data visualisations for business units rather that many. If there are many, business leaders can see the visualisations as “just another dashboard”. But if they can truly see how their business is running, and how genuine KPIs link, they can be very powerful for insightful decision making.