Data and analytics are no longer peripheral to the business. They are core to how organizations serve their customers, optimize business processes and are the foundation of new transformational business models and revenue streams. But, to achieve broad business impact, data and analytics leaders must extend these investments beyond individual departments and projects to empower everyone in the enterprise and beyond. Only then can you optimize every business moment, action and outcome.
Focused business driven leadership, cultivating a data driven culture, finding the right organizational model will play pivotal roles. It means tighter collaboration than ever with teams of people across the organization and beyond your borders. Growing the size and the reach of your data and analytics teams, bringing more of the right skills into those teams, and engaging more roles in a distributed way across the business to be a virtualized part of those teams will be a necessary condition of success.
Specific investments must be made to create new roles and responsibilities, such as the chief data officer to link data and analytics investments with strategic business outcomes and value. Building new skills competencies in data science and machine learning and AI, data engineering and importantly in data literacy and fluency for everyone in the organization are new cultural imperatives and organizational success factors in the digital era. It will be necessary to establish new ways of working and new data-driven approaches that exploit complex and diverse data assets, as well as diverse thinking and teams to spark creativity and innovation.
“By 2020, 80% of organizations will initiate deliberate competency development in the field of data literacy, acknowledging their extreme deficiency”
Importantly, making analytics pervasive requires applying best practices from initial pockets of success in data and analytics initiatives more broadly to all parts of the business. Investing in data and analytics as a strategic priority aligned to line of business priorities and outcomes and pushed out to all corners of the business is an imperative. Delivering on most digital business goals and objectives will depend on it.