CIOs today recognise that business intelligence and data analytics are the key to supplying the organisation with actionable insights. Research shows that companies that excel at data-driven decision making offer better customer experiences and significantly outperform their competitors - and that this gap continues to widen over time.
If your organisation is like most, it’s suffering from siloed data management and systems, and doesn’t have a unified view of the data needed to support effective analytics. At the same time, the business is pressuring you for a rapid return on investment in this area, and it’s not happening fast enough. Big data presents big opportunities, but demands a more robust and strategic approach to information architecture to unlock those opportunities.
The changing landscape
The data analytics landscape has changed drastically in recent years, driven by user frustration with long wait times and lack of access to data. Your organisation, like many others, may have based its business intelligence and analytics systems around a centralised, IT-dominated model. But data analysis also occurs throughout the enterprise, resulting in disjointed data. You need a new way forward.
Creating a business intelligence strategy
In an environment where data is both centralised within IT and decentralised across multiple lines of business, a two-tiered approach to data analytics is necessary. It’s about empowering business users with the agility and autonomy they demand, while satisfying IT leaders that you have the governance mechanisms in place to deliver a complete and consistent view of the business.
Empowering data-driven decisions
To make data-driven decisions a reality, CIOs need to take an active role in developing an analytics strategy and establish IT as a trusted advisor by setting the foundation for supporting analytics across the entire enterprise. With the right system in place, you can get the right information, to the right people, at the right time. The business has the information it needs to leverage opportunities, mitigate risks, discover customer behaviours and gain actionable insights.