March 22 News Roundup: Internal Challenges Hinder Data-Driven Results
In today’s data-driven business environment, we constantly hear about new technology disrupting traditional practices to optimize business processes. Recent headlines prove that the supply chain is no different. Many manufacturers are looking to technologies that leverage big data and combine business intelligence with accurate predictive analysis to increase quality and efficiency while lowering costs. With millions of global data sets available, manufacturers have unprecedented power to see the true factors that are driving their performance. However, what often goes unsaid is that with this shift in technology comes a required shift in culture and internal processes.
In fact, a new study by Forrester found that 44% of decision makers see the increase in the variety of non-structured data types as a significant challenge, while 35% are concerned about traditional siloed data practices and the lack of alignment between IT and business functions. Overcoming these concerns may feel daunting at first, but it is well worth it, according to a new study from Ernst & Young and Forbes: 66% of businesses with established analytics strategies achieved 15% or more revenue growth. We’ve seen similar results among our clients, who have improved their bottom lines by reducing inventory overages and making better, data-driven operational decisions.
Looking at these results, it’s no surprise that the predictive analytics market is expected to grow to $7.8 billion by 2020 and that 90% of companies will be using data-driven business insights in just three years, according to Tech Announcer. However, many companies face challenges from within their organizational structures. As our CEO Rich Wagner told InformationWeek, “Legacy processes and procedures have led to really siloed organizations. The analysts within each function all operate differently. They use different tools, different techniques and different technologies to build their business plans to run the business so they’re not an integrated group.”
A seamless flow of information across the entire enterprise is where true value is found, which is why our predictive analytics solution offers real-time, accessible internal and external indicators of success. Contact us to learn more.