I am simply amazed at the empowerment driven by the internet. What were until now, accepted as a “black box” problems, are now out in the open. Now, what do I mean by that?
Here are a few examples:
- Patients actively research their illnesses online. A couple of years ago, I was diagnosed with a dental cyst and recommended surgery followed by a biopsy investigation. In a pre- internet world, I would have first fainted and then freaked out. However, when I looked up the world wide web, I was reassured that my condition was fairly benign and was being treated in a matter of fact way
- Home Loans, Insurance Policies, Airline Tickets (to name a few) are all kicked around like soccer balls online before a purchase decision.
- Massive advertising that used to proclaim “I am the best” is being discarded in favour of peer reviews. Consumers now have unprecedented voice and reach to broadcast their experiences about products and services. Carefully built reputations crumble in seconds.
- Opening a bank account takes 3 clicks and closing it, even fewer.
To sum it all up in one word: CONSUMERIZATION.
This beautiful trend is demanding a demystification of just about everything and nobody is willing to take NO for an answer.
In this brave new world, I wanted to focus on the same trend sweeping up the world of data and analytics.
Now, what has Consumerization of Analytics brought about?
Analytics has come out of the closet
Until a few years back, analytics projects used to be called Data Science projects and were the exclusive preserve of the organization’s super nerds hiding in the lab. Now, it has been dragged onto the shop floor and its antecedents are being dissected inside the boardroom. This clamour for transparency and demystification has enhanced the credibility of the analytics discipline and it is well and truly mainstream now… like Marketing or Accounting.
Build Your Own Analytics
Business Managers who can now BRING THEIR OWN DEVICE, are now demanding the ability to BUILD THEIR OWN ANALYTICS. This has earth shattering consequences…all positive J. This has sounded the death knell to massive BI systems hiding under multiple IT layers, providing canned reports with massive time lags. The need for speed is paramount and simple, nimble “build as you go” analytics apps are all the rage.
Focus on Value and ROI
A by-product of the consumerization trend is that nobody is enamoured by what they don’t understand. The result is that everything that is related to analytics, even advanced analytics now has to make sense to the business decision maker. Then, the question of what data science projects to invest is a real conversation based on real numbers. The emphasis has dramatically shifted from “what is the coolest thing to do” to “What is going to make the most money”. Now this also forces everybody to pay sufficient attention to implementation. After all the proof of the pudding is in the eating!
A lever of growth and profitability
This proliferation of “analytics aware” business managers and executives is a massive boost to the competency and discipline. The truth is that the solutions to the most intractable issues and problems facing enterprises today lies buried in the data. Now, as the number of people who can dig dramatically increases, it significantly increases the probability of discovering the treasure.
Institutionalization of Analytics
We at BRIDGEi2i believe that above all else, the key to sustainable and meaningful organizational transformation is institutionalization of analytics. The consumerization of analytics is a powerful tailwind in our endeavour to empower enterprises with the power of analytics.
BRIDGEi2i enables enterprises derive sustainable benefit from adoption of analytics. The Managed Analytics Services group within BRIDGEi2i is firmly focused on going the distance with client organizations to make sure that the realization of business impact is a core imperative of every engagement. To know more, visit www.bridgei2i.com
This blog is authored by Karthikeyan Damodaran, Analytics Consulting Leader at BRIDGEi2i
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official position or viewpoint of BRIDGEi2i.