Data and analytics have redefined the way we compete. Data is a critical corporate asset that organizations are starting to monetize in new ways to get ahead of their competition. The bottom line? Companies that leverage data to drive the performance of their organization’s decisions are winning at a faster rate than their competition.
One alarming trend for large corporations is that the size of the organization is no longer a competitive barrier to producing world-class analytics. An emerging trend is that the competitive advantage that large companies have in the use of analytics is disappearing as the cost of accessing, processing, and storing data is plummeting. Large teams of data scientists and millions of dollars are no longer required to drive insights from a company’s data assets. Analytical methods and tools are becoming more ubiquitous and less costly, leveling the playing fields for companies large and small.
Executives that know how to lead in this new era of data analytics will outpace their competition. It will require a shift in how analytics are viewed and the importance an organization places on the building of analytical capabilities. There are five keys to leading in the age of analytics:
For Full Story, Please click here.