Data Analytics, at the Convergence of Technology and Culture
The growing amount of data, the increasing computing power and the pervasiveness of big data mean that data analytics has become mandatory in organizations worldwide, and what’s more is that it can create the ideal platform to understand, innovate and optimize your business and its processes. Check out this article to see how focusing on business intelligence and data analytics may be the key to lasting success for your business in today's data-driven world.
The growing amount of data, the increasing computing power and the pervasiveness of big data means that data analytics has become mandatory in organisations worldwide, and what’s more is that it can create the ideal platform to understand, innovate and optimise your business and its processes.
However, data analytics is not just about technological advancement – a data-driven culture focused on intelligent insights may be the key to lasting success in the future.
A study referenced in Harvard Business Review indicates that, while large companies are increasingly embracing analytics, most still don’t have a data-driven culture. (More here). From the onset, it can become difficult to see data analytics at work and fully grasp its impact on your enterprise’ performance and development.
It is why enterprises need to first identify the business problems they are looking to solve through analytics performance and then ensure they continuously foster a data-driven culture to benefit from data analytics.
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Similar views are being shared worldwide, and both management and IT experts agree that a data culture – with its rightful management – has become the Holy Grail of innovation.
“In the future, competitiveness is going to be determined by the ability of organisations to manage data,” said Fermin Diez, an adjunct professor at Singapore Management University, at an industry event in Singapore. (More about this here)
As an example, the use of analytics is obvious for companies like Uber and similar ride-hailing clients who based their entire operations on strong data intelligence.
Smart nation initiatives, organisations and tertiary institutions are all working towards understanding their data, and building a data culture, according to JY Pook, senior vice-president at Tableau Asia Pacific. So much so that every business and enterprise, at every level and scale of operation, should work towards improving their skills and decision-making processes based on data.
There are still various challenges that needs to be considered in a data-driven environment, namely which data to look at and use once captured, what insights are most relevant, and which data sources are most compelling.
The answers to the above have to reflect core business issues, different hypotheses and operational scenarios and client requirements first and foremost. However, one thing remains clear: instilling a data-driven culture in your organisation is the groundwork for insightful and performant analytics – and certainly the main differentiator in crowded marketplaces.