The world and the way businesses operate is quickly changing, it is up to each organization to step up to the challenge. The good news is that most organizations have the power to transform their business through data they are likely already collecting. Companies that are waiting for things to “go back to normal” will be left behind, because the normal we knew just a few months ago will likely never be our reality again. Spinning wheels and resources over the utilization of tools that only get you halfway to a solution will waste valuable strategic time. According to the PwC Global CEO Survey, “only 27% of CEOs are ‘very confident’ in their prospects for revenue growth in 2020, a low level not seen since 2009.” Understanding your path forward with a full data analytics solution will help to keep your business competitive and profitable.
We’ve discussed the importance of establishing a scalable and fast data lake, the intelligence layer necessary to blend your data and add AI capabilities without buying or managing a server, and the pros and cons to utilizing dashboarding tools that are built for presentation as your business solution. Tools are great and have advanced considerably in recent years, but overdependence on them has created an environment where tools are valued over good practices. Consequently, the failure rate for business analytics has stayed at a frightening level for anyone investing in or responsible for the success of one of these projects. Good practices have consistently shown that lining these efforts and investments up with business objectives can lead to a more competitive organization. When considering your next phase of business analytics, consider what you want to accomplish and bring the tools in only when you see how they fit into your plan.
We hope that this five-part series on The Myths of Business Analytics has provided you with some clarity into the overwhelming environment of business analytics solutions. When you are ready to take the next step, our experts are available to speak with you. Blacklight Solutions prides itself on its honest, practical approach to providing business analytics solutions alongside its unmatched services which provide clients with a complete solution to complex business problems. We won’t tell you what you want to hear, we will tell you what you need to hear to start your business’s growth story. Contact us here to learn more.