After doing some recent research with IDC®, I got to thinking again about the reasons that organizations of all sizes in all industries are so slow at adopting analytics as part of their ‘business as usual’ operations.
While I have no hard statistics on who is and who isn’t adopting analytics, the research shows that organizations that do leverage analytics are more successful on average than those that don’t. What we need is a new analytics experience, an experience where organizations can:
- Make confident decisions
- Analyze all their data where it exists
- Seize new opportunities with analytics
- Remove restrictions for data scientists
IDC states that “50.6% of Asia Pacific enterprises want to monetize their data in the next 18 months”. Are you one of them or are you going to let your competition get the jump on you?
Big data (or more specifically how to actually gain some sort of competitive advantage from it) is top of mind for forward-looking businesses.
Our research with IDC gives us a few clues on where to head when it comes to the monetization discussion.
In the recent Monetizing Your Data infographic (PDF) created by IDC and SAS, three key approaches to monetizing big data emerged:
- Data decisioning, where insights derived from big data can be used to enhance business processes;
- Data products, where new innovative data products can be created and sold;
- Data partnerships, where organizations sell or share core analytics capabilities with partners.
Organizations that adopt and combine all three key approaches to leverage analytics are twice as likely to outperform their peers1.
If you’re looking to truly create value from the stores of data you have then you need to look at deploying analytics.
1 IDC APEJ Big Data MaturityScape Benchmark Survey 2014 (n=1255) IDC APEJ Big Data Pulse 2014 (n = 854)