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Do we recognize the business value of analytics?

INTEGRITY BEAT - Henry Schumacher (The Freeman) - May 14, 2021 - 12:00am

Data Science and Analytics are offered regularly in webinars. And the question always comes up what the participants will take home and how the companies the participants are working for are going to benefit.

More and more companies are by necessity getting involved in Information Technology and recognize that it is not easy to find the IT experts in the organization or on the labor market.

What I am excited about is that if we take the business value of analytics seriously, we learn to love the excitement as we move from dashboards to data visualizations -- not to mention the descriptive, predictive and prescriptive analytics. If the enterprise takes data science and analytics seriously, the management has no shortage of business intelligence and data analytics tools at its disposal.

Leveraging such tools will make measurable contributions to businesses. For example, companies can maximize an impending opportunity, mitigate future risk, meet deliverable milestones, gain a competitive advantage and much more. My sales arguments for taking part in these webinars always are that businesses can improve their planning, forecasting, budgeting, time forecasting and value driven planning.

Again, from dashboards to data visualization helps business to run simulations, plans and analyses in a very visual and intuitive manner. It supports the use of cases across various departments and functions and is designed keeping in mind the analysis and decision-making needs of business users and executives.

The question is always coming up how well executive management recognizes the business value of analytics. In my view, they don’t have an option. Data analytics is a major driver of corporate success today and tomorrow!

But companies have to use analytics tools and have to develop in-house skills and the business knowledge about the tools. Participating in the webinars we are running would be an excellent step forward! 

Companies that are or want to be ‘ahead of the curve’ are realizing that dashboards are the most popular data analytics tool used and are making full use of visualization options.

Improved strategic decision-making is the biggest benefit of using analytics. Many enterprises benefit from improved knowledge about customers, operational cost savings, and improved sales. 

Have I convinced you of the business value of data science, data analytics and the executive visualizations options? What needs to be done now? Talent management!

You will agree that hunting for talent is one thing; the other important thing is to retain talent. Enriching an employee’s experience at the company — alongside diversity, equity and inclusion initiatives and giving them the right tools to do their jobs effectively — can help retain top tech talent. 

Talent development programs can keep employees operating at the top of their skill set and prepare them to grow with the company. I am back at the webinars we are promoting in order to make data science and analytics a success for companies.

Organizations who lead with the work force and involve their people constructively, and who are continuously experimenting with emerging technologies, are the ones who are the most agile and the ones who are able to proactively anticipate and deal with how technology is going to evolve the work equation.

Your feedback is more than welcome; if you need my help regarding the webinars, contact me at hjschumacher59@gmail.com

DATA SCIENCE
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