We are presently living in the era of rapid digitization and big data. Data continues to evolve in terms of volume, velocity, and type. New data sources are being created as we speak. In this scenario, data analytics solutions have been doing way more than just helping enterprises overcome the data deluge. These solutions have also been enabling businesses to witness unprecedented levels of growth and profits.
Big data analytics solutions offer myriad benefits, right from improved customer satisfaction to reduced risk and fraud. It is, therefore, no surprise that the big data market size has grown from $11.8 billion in 2012 to a staggering $45.3 billion in 2016 (source: Wikibon). That is an increase of more than 280%.
However, big data projects, in general, suffer from high failure rates. Gartner has predicted that 60% of big data projects will not go beyond piloting and experimentation in 2017. So, why are many organizations not seeing significant ROI despite making analytics investments? Why are they using analytics mostly to study rear-view information (historical data analysis, etc.)? What is hindering them from generating useful insights for the future as well and embedding analytics into their DNA? This is where the concept of ‘Analytics First’ comes into the picture. The analytics first culture is what separates highly successful market players from the rest.
Many enterprises seem to have this false notion that analytics is an easy and quick remedy to their business woes. However, investing is analytics is just the beginning of a journey. Significant analytics ROI is achieved as analytics operations are fine-tuned over time. Analytics wizards, such as Google, Starbucks, and Amazon, realize this and make continual efforts to strengthen their analytics deployment strategy. Therefore, they are not only able to base most of their critical business decisions on analytics recommendations but are also witnessing increased ROI levels. In other words, they have evolved into analytics first organizations.
Download BRIDGEi2i’s white paper – Building an Analytics First Organization – to learn what it takes to not just create a data-driven culture but also nurture and sustain the same to achieve desired business outcomes. The paper focuses on the Five I’s framework for big data analytics, the right analytics deployment model, the hybrid approach towards analytics, the role of stakeholders, and more.