has captured our attention and spurred us into action.
Converting Data Into Analysis All The Way To The Top
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Let’s explore how business leaders are using the latest data powerhouses to drive business and leverage insights.
The latest news posted in the IBM Institute for Business Value shows executive leaders are engaging more than ever with big data, supporting the need to convert large data into insightful results. The 2013 IBM institute for Business Value research study posted in October backs up this finding. The study looked at 900 businesses and IT executives from 70 different countries.The understanding to drive business needs by utilizing a large database of boundless data has finally clicked at the top. Leaders who incorporate data are the most successful, optimizing outcomes based on the right mix of analytics and insightful decisions. The top 19 percent of outperforming leaders showed nine key components or levers that are critical to capitalize on value from analytics. In summary, it’s the perfect mix of aligning strategy, Information Technology and the organization’s structure by enabling the need for data, driving value and amplifying value creation. Among the nine levers leading to success are company culture, hardware/software capabilities, expertise, financial funding, ability to measure, and confidence in the institution. These main levers have been analyzed as the key drivers to value for a company.
What does this all mean? Organizations that employ these levers capitalize the most on big data. Research showed the following key insights:
• Leaders are 166% more likely to make decisions based on the right data; 2.2 times more likely to have a formal career path for analytics.
• 75% of top leaders cite growth as the key source of value from analytics.
• 80% of leaders actually measure the impact of analytic investments.
• Over 60% of leaders have some form of predictive analytics capabilities.
• 85% of leaders have some form of shared analytic resources.
This clearly shows the need for understanding, disseminating and utilizing data to make meaningful results is correlated with success all the way to the top. Every decision and every process across an organization should utilize data to gain the most insightful results. Keep those dashboards rolling!