Even though when 70% of business executives believe that analytics is important, only 2% have achieved positive impact.

Data is now more accessible than ever. Companies have widely embraced the use of data analytics to streamline operations and improve processes. Sorting through data to find what is useful and pertinent to the business is a necessary skill to be effective in the current marketplace. In the modern world, analytics is being used everywhere starting from predicting Supreme Court case decisions to enhancing marketing campaigns and sales analysis. To improve efficiency in business outcomes, every organisation collects related information to perform analytics. A report by Economist Intelligence Unit (EIU) and global sales and ZS found that around 70% of business executives believe that analytics is already extremely important. In contrast, only 2% of them say that they have achieved a broad and positive impact using analytics. The challenge here is to understand how analytics can help your business and approach with the right method. Ultimately, Analytics Insight brings you a list of strategies that organisations can follow to expect better results.

Top 10 strategies for better analytic outcomes

Balance the data shortage

Data plays a pivotal role in analytics. The problem here is that companies sometimes struggle to get enough or the right data. Another problem is that the data collected could be of bad quality. Henceforth, instead of waiting for the right data, organisations should get used to fill the data gap either by buying data or procuring data from a free open-source resource. Balancing the cost is important while getting it from a commercial source.

Consider new infrastructure technology

Companies succeeding in data analytics are putting together an ecosystem that consists of multiple technology types. The ecosystem includes data warehouse, using right tools for the job, in-memory computing for highly iterative analysis, and the cloud to deal with vast amounts of data that might be generated in the public cloud and on-premises.

Adopt more advanced analytics

Companies should try to switch to new analytics methods when it comes to market. Even though when it requires skills and training, updated analytics has its upside with better results. Vendors are also working on making the tools easier to use.

Utilize disparate data

Although structured and demographic data are the mainstay of analytics and modellers, disparate data types can enrich a data set and provide a lift to the models. Think about incorporating data beyond the traditional types in the data warehouse or on the server.

Take training seriously

Data analytics involve high skills that could get better results. Successful analytics requires more than specialised data scientists. With statisticians and other quants in short supply, it is very important to shape the skills of people working under the analytics team. Henceforth, try to train the analytics team with new techniques.

Ask the right question

Analytics follows a phrase, 'Right question brings impactful answers.' The questions that you ask should hold the views of stakeholders. This means first clarifying with the stakeholder on his/her aspirations. It is a must to formulate a clear business question before you start data analysis.

Move from analytics project to analytics product       

Instead of channelling efforts to analytics projects, organisations should set their sights on analytics products, which generate measurable financial benefit from data insights while improving business performance.

Support analytics with governance

Data governance is mandatory in analytics. Data comes in different forms and it is an unconditional and never-ending inflow. Establishing formalised processes to ensure data governance is captured and managed consistently.

Use clear visualisation to convey the message

The way in which you present the data analytics result makes a huge impact on the outcome. It is important to articulate a data story with as much what, how and why behind it. This will turn your data into insights and profitable business decisions. Avoid cryptic and confusing data points. Leverage visuals, context, and financial benefits of data-driven insight to present a narrative that educates the listeners.

Make compliance an integral part of analytics

While data is considered as an asset, it could easily turn to be a liability. To balance the risks, organizations should put an emphasis on compliance, including government regulations, internal business rules and industry standards.