We live in the most data-centric point in history there has ever been. There is not just a great importance put on collecting, storing, and tracking pertinent data, but also a monumental emphasis put on analyzing data to drive ultimate strategic advantage and growth.
But it is not just the massive conglomerates competing in the hyper-evolving technology industries that are utilizing analytics solutions to drive their innovation and growth; companies around the world of all sizes and in all industries have capitalized on the multitude of benefits that analytics can deliver.
Why are companies all around the world developing and implementing fundamental data and analytics strategies? Above, we see the top 10 drivers of organizations to implement one of the most thriving type of analytics, big data analytics. At the top of the list of drivers to implement analytics is “to understand customers better” at 73%, followed closely by “to improve products and services” at 72% and rounding out the top three drivers is to “improve the management of existing data.”
Looking at the top three responses, it is clear to understand the value proposition analytics presents. This is the opportunity to understand and improve customer relationships via product and service improvements. This is also possible via improving existing processes to make them more efficient and customer-centric.
These are all great reasons to develop, implement, and adopt analytics strategies, but the pivotal question remains: what kind of analytics solutions will allow your specific business to grow and prosper?
The answer to this question – similar to the majority of marketing’s other correct responses — is it depends. It depends on a lot of internal and external factors. To help guide you through this process, I’ve create the guided summary below on both the essential internal and external factors to consider when selecting an analytics solution to help your business grow and prosper:
Internal Factors to consider when selecting an Analytics Solution:
- What is the stage of your organization’s current analytics maturity? What is your current set-up/ capability assessment? What KPI’s do you track?
- What are the goals you want the analytics solution to accomplish? What kind of specific needs does your organization have from a data and analytics standpoint?
- Where do you want your organization to be in terms of KPI’s you track in the near future? Long run? Where do you see the analytics solution playing the largest role in helping you achieve this?
- How do you plan to achieve your goals: what is your analytics roadmap to success?
- What is the available/ expected investment suitable to achieve your analytics goals?
External Factors to consider when selecting an Analytics Solution:
- What is your direct and indirect competition current doing in terms of analytics? How would you position/ utilize your new insight about product and service improvements in order to become more competitive in your marketplace (s)?
- Are there any restrictive laws/ systematic procedures regarding the type of data you want to collect and analyze?
- What type of outside strategic partners would you need the services of to achieve your goals? (Assuming you don’t develop an internal solution)
- How do you plan to create additional value for your current and potential new customers?
- How will they perceive the additional benefit (in terms of product or service improvement) from the analytics solution you selected to implement?
Of course, these are just some of the factors to consider when selecting the right analytics solution for your business.
If you have any questions on the process or if you would like to set up a meeting to discuss, please contact us today.