There's a lot of buzz across the business world about the potential of big data. The secret is out – if companies devote significant resources to collecting information, both internally and externally, they can analyse it and uncover key truths about their business that will help them achieve success.
Of course, this is only an abstract notion that makes sense in theory. Getting real results is difficult, and it requires finding answers to tough questions. How much time and money should you spend on business intelligence? What specific areas should you pinpoint? What sort of ROI should you be aiming for?
Finding these answers is the difference between a middling business and a truly thriving one in the 21st century. If they don't come naturally, there's no shame in reaching out for help.
Are you getting real impact?
It's not terribly difficult to take the initial plunge into collecting and analysing data. After all, seemingly everyone across the business world is doing it these days – sheer peer pressure alone should be enough to motivate businesses to get started.
Finding analytics answers is the difference between a middling business and a truly thriving one.
What's tougher, though, is digging deep and finding a way to ensure that your data-driven efforts achieve real results. There's plenty of research indicating that businesses are having trouble in this department – for example, McKinsey Global Institute recently estimated that retailers using data analytics could increase their operating margins by over 60 per cent, and healthcare organisations could likewise reduce costs by 8 per cent. They also found, however, that most businesses were failing to reach this full potential.
For big companies that devote massive amounts of resources to business intelligence, getting results is no problem. Amazon and Google, for example, fall into this category. Those are the elites, though. Most businesses aren't able to keep up. McKinsey estimated that three-quarters of today's organisations aren't able to achieve ROI of even 1 per cent from working with big data.
Breaking away from traditional tools
It's common for companies to hit a roadblock when they're still in the early days of their commitment to analytics. They've decided that they want to invest more in data, but they don't yet know where to begin or which specific data points to analyse. Part of the problem is that business leaders are often torn between using conventional data collection and analysis tools and devising their own strategies for addressing their specific challenges.
If the conventional approach won't work, there are many information management challenges that lie ahead. Blazing a new trail into analytics requires having a plan for collecting data, cleansing it, documenting it and getting it to a point where it can be trusted and, eventually, put to use. This is a complicated process, and it's often necessary to deploy enterprise solutions that can help smooth it out.
Consider personalised big data consulting
If your company needs a little bit of personalised help with making the most of big data, there's no shame in reaching out and asking for help with the process. And, as it turns out, there's no better place to turn for business consulting in Melbourne than AtoBI, which delivers tailored consultancy services that are guaranteed to meet your needs.
We at AtoBI have a sophisticated process for designing, prototyping and developing solutions that are perfect for what you do. There is no "one size fits all" approach to analytics that will work for your organisation – instead, it's important to closely examine your business model, learn all the challenges and address them head on. That's what we aim to do.