This week on the blog, we will take a look at how organizations leverage configurable data platforms like Signals Analytics to increase the impact that analytics has in driving optimal business decisions. We will spotlight how different stakeholders interact with the platform, as it gets deployed across an enterprise organization to support various departmental needs and business objectives.
Today’s Spotlight: The Data & Analytics Team
COVID-19 saw enormous acceleration in digital transformation and the use of data as organizations struggled to understand the impact and plan around the pandemic for the short and long term. In fact, while most companies scaled back on their IT spending, budgets for data and analytics actually increased.
At the heart of this transformation and the stewards of ensuring good data management and data governance are the IT and analytics teams. Many had already been in the process of assembling strong data capabilities, working on their own to build an in-house solution, or working with outside entities on various components and analytic projects. But when it comes to delivering, studies show that less than 5% of companies actually use their data to gain a competitive edge, and that for every $1 spent on developing an algorithm, an additional $100 is spent deploying and supporting it.
These numbers suggest something very wrong with the way data and analytics projects are being deployed and support other claims that nearly 87% of data science projects never make it into production.
The Signals Analytics platform helps data and analytics teams buck the trend, bringing all the elements of a data fabric into one rubric:
For data and analytics teams, building a system requires a full range of IT development staff, including the ability to build user-friendly interfaces and dashboards, never mind the exponential costs to build and maintain such a system over time. In a recent development, Signals Analytics was awarded a patent by the U.S. Patent and Trademark Office for its method for automatically extracting data from unstructured data sources. The significance of this patent for data and analytics teams is that it automatically updates database structures and analytic models inside the platform once presented with new business questions that need new data sources and data types, which plays into the next issue that data and analytics teams face – time and urgency.
In a situation like we face today, where a compelling event can mean seismic shifts to a business, waiting to stand up an analytics system is simply not feasible. Having a finger on the pulse on the connection between company performance and market dynamics or connecting a unified voice of the customer data set with product development and optimization, takes the guesswork out of the equation for a company seeking to figure out how best to emerge from this crisis intact and positioned for growth. The fact that the IT and analytics team is the guardian of the data management process means that they well-positioned to be heroes, IF they can get this right.
A configurable data platform like Signals Analytics helps to deliver success, enabling faster implementation of analytics, and generating measurable ROI and impact to the organization that is increasingly reliant on data to drive growth.
To learn more about how IT and analytics teams work with Signals Analytics, contact us.