Breakthrough ways of understanding data are reaching the mainstream. Is your organization ready for the insights they bring?
Let’s be clear – this goes far deeper than a simple, stepwise improvement in technology. The goal is to break out from the cycles of traditional analytical reporting – using to deliver new levels of insight, not just more numbers. By applying such tools, business become free to concentrate on what the data actually says and where to focus their efforts, rather than drilling too far into the detail in the hope it will reveal some answers.
Becoming an insight-driven business is not just about the tools, however – it’s also up to organisations to become smarter in bother their broader understanding of what’s going on and their ability to enact day to day decisions.
At one end of the spectrum, we can see companies that are content to work with traditional structures and follow traditional approached; either because of their business models are relatively fixed (for example, the legal and accounting professions) ore because they see no real benefit in changing. Many organisations will look for opportunities to use higher-order analytics tools such as complex event intelligence as a one-off, or on a repeated basis to be sure that they are covering all the bases.
There are no wrong answers; instead, each organization can consider where it fits on the insight ‘maturity scale’;
• Traditional – the current approach, which explores existing data pools vertically, using specialists to drive statistical tools.
• One-off – in which a broader view across data sets is geared around solving a specific problem, as a one-off initiative with predictable ROI.
• Repeatable – where the organization makes use of complex event intelligence techniques on a regular basis, for example to identify new growth areas as part of business strategy development.
• Insight driven – real-time use of complex analytics to keep a picture of the changing business context, adjusting business models and driving operational decisions.
With processing costs continuing to fall, the pool of problems that can be solved cost-effectively will broaden. Today it may be the case that more complex event intelligence is suited better to one-off tasks delivering specific insight, the ROI threshold is quite clearly moving. This reveals new opportunities and enabling more organisations to continue further on the journey towards greater insight.
This is an excerpt of a larger article “Seeing beyond the big (data) picture” by Augustin Huret which was published earlier in the BearingPoint Institute Report (Issue 002).