How the smartest organizations are embedding analytics to transform insights into action
Download the complete IBM Institute for Business Value study (602KB)
In every industry, in every part of the world, senior leaders wonder whether they are getting full value from the massive amounts of information their organizations already have. New technologies collect more data than ever before, yet many organizations still seek better ways to obtain value from their data and compete in the marketplace.
Knowing what happened and why it happened are no longer adequate. Leaders need to know what is happening now, what is likely to happen next and, what actions they should take for optimal results.
To help organizations understand the opportunity of information and advanced analytics, the MIT Sloan Management Review partnered with the IBM Institute for Business Value to conduct a survey of nearly 3,000 executives, managers and analysts working across more than 30 industries and 100 countries. The findings led to recommendations addressing different pieces of the information-and-analytics value puzzle:
- Focus on the biggest and highest value opportunities
- Within each opportunity, start with questions, not data
- Embed insights to drive actions and deliver value
- Keep existing capabilities while adding new ones
- Use an information agenda to plan for the future.
It takes big plans followed by discrete actions to gain the benefits of analytics. For analytics-driven insights to be consumed – that is, to trigger new actions across the organization – they must be closely linked to business strategy, easy for end users to understand, and embedded into organizational processes to take action at the right time.