Rich Lamorena, Practice Leader, Data Analytics, BDO Digital
Sophisticated data collection and management is critical to business success and even their survival. The leaders that fail to invest risk obscurity – and they recognise this. Our recent research found that almost three-quarters of business leaders (72%) say sophisticated tech infrastructure and data-based decision-making are now the key determinants of organisational success.
Tactical deployment of data is the key to short-term resilience and long-term advantage. Data analytics empowers proactive risk management, it unlocks innovative strategies, enhances operational efficiency, and helps tailor offerings to emerging customer demands.
Leaders may recognise the transformative power of data, but many are less confident in their ability to harness it. According to our research, a staggering 86% of leaders believe their organisation will be impacted by a failure to leverage the benefits of tech and data over the next three years.
So, what’s standing in their way?
The executive barrier:
For the C-Suite, the challenge lies in reaching agreement on what constitutes a meaningful investment in technology and data. Will their investment deliver the business outcomes they’re looking for? To make the right decisions, you need a leader who’s able to effectively bridge executive-level business strategy with the intricate technological workings beneath the surface.
Investment hurdles:
I often find that the businesses struggling to determine investment levels are also having trouble articulating how the technical needs they are experiencing are holding them back from reaching business goals. They might be able to articulate the data quality and governance challenges they face on a day-to-day basis, but they may need our help to align this with how investment will be beneficial to the bottom line?
People power:
Of course it’s not just about the right tech - the main determiner of whether a technical evolution takes off or falls flat is the engagement of your people. In the realm of data analytics, even with a sound executive strategy and a well-articulated technological bridge, success pivots on reaching the right audience and ensuring widespread adoption. This is what takes data analytics from a tick-box exercise to a tool for transformation.
The bedrock: a strong data foundation
In my conversations with clients, their main question is how they can set themselves up for analytics success. Put simply, reaching data analytics maturity is about getting the right data into the right hands with the right business case. It's not just about collecting data; it's about wielding it strategically. And this is only achieved with a clear implementation strategy.
Successful organisations align analytics with business objectives. They start by developing a robust strategy that integrates boardroom-level vision with day-to-day data solutions usage to ensure meaningful investment. Sometimes this is as simple as putting the right data in the right hands at the right time.
BDO Digital’s business analytics and data teams work with organisations to progress their digital strategy in stages, addressing defined business goals and delivering immediate results. In the survival game of modern business, the spotlight is firmly on advanced data. And, with this structured approach, businesses can turn data into an engine of innovation and strategic value.
For a practical example of how BDO Digital delivered analytics in a financial services company, read more here
Find out more about how BDO Digital can help your business unlock the power of data.