Insights into action: Drawing the connection between analytics investment and success

Brought to you by the Villanova School of Business

The enormous quantities of relevant data available to companies today have created major opportunities for transforming business processes. However, there are many steps between collecting information and reaching successful outcomes. An organization must have a clear understanding of how the insights it gains from analytics will lead to accomplishing its goals.

Earning a master’s in analytics provides graduates with the knowledge and skills they need to guide a business forward with a powerful big-data strategy. Investing in analytics is just the beginning, but experts make the connections between enhanced awareness and the organization’s overall goals. That means it’s essential for these professionals to see the specific ways data can help their companies and to have a deep familiarity with the tools and processes necessary for implementation.

Capture valuable information

Any data analytics strategy starts by gathering vast amounts of quantitative information. The key is distinguishing what data could bring opportunities for fulfilling the organization’s mission, and ensuring those insights get to the right people in a form they can understand. It’s easy to get lost in the weeds when you’re dealing with big data, so analytics specialists must communicate regularly with various departments and decision-makers, establishing what questions are worth asking.

Those questions can take many forms, depending on the particular challenges facing the organization and how leadership hopes to grow the business in the short and long term. Some common approaches include asking:

  • Can the business build greater loyalty among customers by altering its approach to service and technical support?
  • What can the company change about its logistics strategy to get products to retailers and consumers faster?
  • How can the business use its existing marketing budget to reach more potential customers?
  • What indications might reveal that hackers have gained access to the organization’s systems?
  • Can the company cut down employee turnover while keeping compensation expenditures under control?

With a clear sense of demands throughout the business, analytics experts are able to customize their tools and methods accordingly. Quantitative information goes through multiple layers of processing, providing insights that are useful to various departments.

See what’s ahead

Drawing on the data collected by analytics systems and the company’s plans for growth, experts can project how the needs of the organization will change in the future. The business gains perspective on how factors like inventory and shifting customer expectations could affect the bottom line. Advanced methods like predictive analytics and machine learning give the organization the heads-up to move proactively, developing a detailed roadmap for expansion.

Data specialists offer chances for more informed decision-making as the company sets its agenda for the months and years ahead. By preparing reports and visualizations, analytics professionals communicate their findings to executives and departmental leaders. Altering business processes in line with these suggestions can result in measurable improvements across operations.

Based on what data analysis reveals, the company is able to take steps to reach its goals with greater efficiency. The right intelligence allows an organization to establish an integrated strategy, using continued data collection to monitor progress along the way. Big-data solutions become an essential part of everyday operations, with the necessary hardware and software updated to meet new requirements.

Seize the competitive advantage

To make the most of its analytics investment, a company must commit to getting ahead of the game. One way this can be achieved is through Big Data, and the vast array of information that may reveal trends in the marketplace or the desires of customers. With this data in hand, analytics professionals can then collaborate with the rest of the organization to implement new ideas, adjust strategies or evolve products to capitalize on these highlighted trends.

These advantages may take many forms, based on how the company chooses to focus its analytics efforts. Marketing might bring in new customers by altering the distribution of messaging across different advertising and social media channels. Human resources could find smarter ways to narrow down pools of candidates and discover individuals who fit the company culture. The supply chain could be transformed to permit faster, more reliable deliveries.

Analytics experts play their part by monitoring implementation and providing frequent updates along the way. They quantify the value the company has gained from strategic insights and find areas for further streamlining business practices. With the tools to register changes as they occur, big-data specialists provide concrete proof of how the information they’ve provided has brought meaningful rewards.

Learn to make data the fuel for growth

Going from collecting numbers to advancing the mission of a business requires individuals who are well-versed in the latest analytics technology and procedures. The Villanova University business analytics master’s program provides that grounding, so you can show your organization a path to sustainable growth. Visit the program page to find out more about connecting a business education to real-world success.

    Recommended Readings:     Sources:  

https://www2.deloitte.com/us/en/pages/deloitte-analytics/articles/six-steps-to-business-analytics-success.html

https://www.ibm.com/blogs/business-analytics/data-analytics-differentiator-success/

http://www.cbronline.com/news/big-data/analytics/5-ways-data-analytics-helping-organisations-customers-drive-positive-business-outcomes/

https://www.forbes.com/sites/mckinsey/2012/12/03/big-data-advanced-analytics-success-stories-from-the-front-lines/#5d07de5f4ab2

http://searchcio.techtarget.com/opinion/Ten-analytics-success-stories-in-a-nutshell

http://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/how-companies-are-using-big-data-and-analytics

http://analytics-magazine.org/the-value-of-business-analytics/