Simply spending money for the latest and greatest analytics technologies doesn’t guarantee business success. This business reality helps explain the gap between leading analytics practitioners and companies that are struggling to keep up.
Research conducted by Forbes Insights and Cisco identified a select group of analytics leaders who consider their organizations to be analytics pacesetters in their markets and have an enterprise-wide analytics strategy in place. These outliers—representing about 16% of the 207 companies we surveyed—are reaping impressive rewards from their efforts. Over the past year they’ve seen significant competitive gains that they attribute in part to their more advanced data strategies.
What can others learn from these analytics leaders? The research shows that enterprises need a comprehensive analytics strategy that outlines targeted technology investments and acknowledges organizational and cultural challenges. Fortunately, as best practices around analytics emerge, enterprises have the information they need to jumpstart their efforts. Accelerate your company’s journey by embracing these important lessons from analytics leaders.
- Leaders invest in both traditional and advanced analytics tools. Enterprise executives are actively investing in tried-and-true analytics tools, such as business intelligence platforms, data warehouses, and executive dashboards, according to a Forbes Insights/Cisco survey. These technologies contribute to a strong foundation, especially for corporate-level analytics activities. But pacesetters also know that in today’s data-driven world, traditional platforms alone are not enough to gain an advantage over competitors. Where else are these forward-thinkers targeting their spending?Analytics leaders also earmark significantly more money than their less-advanced peers to implement artificial intelligence, machine learning and predictive analytics. Within that list, the primary focus areas for top-performing companies are predictive analytics and machine learning, at 73% and 64%, respectively.
- Leaders understand the importance of a strong technology foundation. Analytics success also requires comprehensive, timely and accurate data. As a result, leaders will spend significantly more for modern foundational infrastructure technologies, including intelligent networks that use sensors for collecting real-time data about customers, production facilities, supply chains and other core operations.