Analytics Trends 2017
Moving up the analytics maturity ladder
Five analytics trends that organizations should track—and consider applying—in the year ahead.
While advanced analytics functionality continues to progress at a breathtaking pace, the race to succeed must be tempered by an ongoing focus on the fundamentals. Now is the time to set the stage by designing defined analytics use cases, building the right analytics capabilities, and adopting governance frameworks for the ethical use of data.
With each passing year, organizations are raising their game in their efforts to reap the rewards of data-driven decision-making. Rather than occupying the realm of science fiction, technologies like artificial intelligence, cognitive computing, and machine learning are being applied in real-world settings—vastly altering the ways in which organizations interact with their customers, employees, and other stakeholders.
However, jumping in two feet may hamper an organization’s aim of achieving an effective return on these technology investments. To realize the transformational potential inherent in this shift, organizations must first lay the groundwork for success. Here are five key analytics trends that can help organizations find this balance—and position themselves to capture the benefits of moving up the analytics maturity ladder.
Defined use cases inform analytics investments
Organizations that fail to see an effective return on their analytics investments often struggle to justify the benefits of moving up the analytics maturity curve. That’s why it’s imperative to link analytics investments with measurable outcomes by deliberately designing analytics use cases that demonstrate an impact on defined key performance indicators.
Analytics success hinges on building the right capabilities
To become an IDO, organizations must be able to unleash the power of their people. This involves picking executive sponsors who are transformation-savvy influencers rather than technologists; designing an operating model that makes the best and highest use of scarce analytics resources; co-creating internally with the business and externally with partners to attract analytics talent; and adopting a culture that is both strategically and tactically bold.
Privacy and security becomes a front office function
According to a recent Deloitte survey, 90 percent of Canadians would sever their relationship with companies that use data unethically. This makes it critical for organizations to understand what constitutes an unethical use of data, and to build a culture of privacy, security, and ethical data use into the fabric of their organization.
Artificial intelligence gets practical
Artificial intelligence and cognitive technologies have the capacity to profoundly alter the ways in which organizations work, deliver projects, and operate. Yet organizations must proceed with care if they hope to realize an appropriate return on these investments.
Behavioural economics delivers analytic insight
Behavioural economics has the power to transform the way in which analytic insights are actioned by helping organizations tailor communications to customer mindsets or design offers that “nudge” transactional outcomes. To avoid overstepping their bounds, however, organizations must adopt strong governance practices to guide their approach in this space.