Business Analytics & Data Management
3 minute read
Oct 10, 2018
Written by: Brett Ludden
AI — artificial intelligence — is all the rage in the world of business analytics. But, focusing on AIGT — all in good time — may serve your organization better, today and tomorrow. Developing and building an intentional analytics progression plan toward AI will not only help your organization now, it will make future jumps into AI and other emerging business analytics capabilities much easier.
Why start with fundamentals? Think about it like diving into the deep end before you learn to swim. You wouldn’t do that! You need to learn to swim before you even go near the deep end of the pool. It’s the same with business analytics. Build a solid data infrastructure first, build your analytics team bench strength, then dive into advanced analytics and AI.
If you’re worried your business is late to the party, don’t be. You’re not! Business analytics buzzwords like “artificial intelligence,” “big data,” and “machine learning” represent exciting opportunities in our field. But they’re still so early-stage that very few organizations are in a position to immediately leverage these cutting-edge fields. There are, however, valuable steps every company can take today to better leverage business analytics, long before these popular buzzwords come into play.
Rest assured, it’s not rocket science — it’s data science! If you’re thoughtful about implementing the fundamentals now, and you’re deliberate enough to do it right, it will pay dividends in the long run. After all, various fields of AI are beginning to transform jobs, revolutionize how companies make decisions, and differentiate eventual winners from losers. You’ll want to be part of that.
Here’s our roadmap to put your organization on the path to better analytical capabilities now and AI readiness in the future:
Data integrity is essential. Make sure your data is correct. Incorrect data will skew your outputs and business decisions. The old adage “Garbage in, garbage out” is true. Behind the scenes, even the biggest and most advanced companies currently have large teams focused on getting their data organized and accurate. Do you?
Once you have data you feel good about, you can stand up the infrastructure to do basic analysis, generate reports, and automate those reports to support decision-making. Many medium and large organizations are at this step today.
Analytical infrastructure and hypothesis-driven decision-making empowers your business and creates bottom-line impact.
Welcome to advanced business analytics!
You’ve arrived, and you did it AIGT!
Ready to follow the roadmap to put your organization on the path to better analytical capabilities now and in the future? To get started, figure out where you stand today, and set a realistic goal for where you want to be two years from now. Then implement your plan by collaborating with business analytics experts — like Spinnaker, to help you get there faster.
Want to learn more? Keep an eye on Spinnaker’s blog as we explore business analytics and its importance in delivering real bottom-line value across your business. Follow Spinnaker on LinkedIn and receive updates in your LinkedIn feed.
Do you know the difference between data and metrics? Data will do little for you until you transform it into the metrics that directly correspond with your firm’s imperatives. Leveraging those metrics to support and inform your decision-making process is what business analytics is all about. Ultimately, business analytics can help you grow faster, be more profitable, and improve nearly every function of your business, from call center operations to customer satisfaction, from marketing performance to product innovation — and more!
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