Advanced Analytics refers to the development of strategies and tools that help an organization transform the information that surrounds it into knowledge. Its objective is to improve processes and decision-making that increase the value of the company.
Until recently their focus was primarily on technology. Companies understood that they had to have a platform capable of extracting and storing data, to analyze it later and thus be able to add value to organizations. The problem was that these platforms used to be complicated to use and therefore also difficult to adopt. For this reason, its use was not usually implemented among employees and in the end the full potential of the information available to the organization was not used.
To implement an Advanced Analytics program, a strategy must be put in place that establishes the role of data
As explained by José Luis de la Fuente, Data Offer Director at Devoteam, a leading consulting firm in the digitization of companies, in order to solve this situation and successfully implement an Advanced Analytics program in companies, “a strategy must be put in place that establishes the role of data and information in the creation of business value and in its competitive differentiation”.
To carry out this implantation, a The first step would be for this strategy to focus and center on the people already that its success depends on the value employees generate from the data made available to them.
In this sense, explains José Luis de la Fuente, it is necessary to ensure that the teams and talent that make up the organizations are the central axis of the data analysis systems. To do it, the second step would be to improve the availability, ease and distribution of the data. “Years ago we found that all the knowledge was framed in silos, and was not shared between the departments of a company, impoverishing the data and making it become inoperative”. Therefore, collaboration is a fundamental requirement to ensure that those responsible for making decisions do so with complete information and not based on partial data, something that is possible by evangelizing the need to share knowledge among all the people in the organization and betting on greater governance of these.
In addition, it adds “Once this is achieved, the information can be aligned with the knowledge needs of the employees and the data can unleash its full potential.”.
Devoteam’s Data Offer Director comments that Another point to take into account when implementing an Advanced Analytics program would be that organizations opt for the use of simple tools. Technologies that facilitate speeding up and improving decision-making and the definition of actions by exposing the data in a simple way. Also that it ensures its exploration from trusted sources whose rigor and reliability can be taken for granted.
In the same way, the expert warns that it is important that the information arrives on time. Therefore, he explains that the fourth point is to be able to handle the data in real timeenabling faster, automated decision making that enables increased business value.
In short, the first uses that were made of data technology in the past allowed us to know what had happened, but not why it had happened, so all the value that the information could provide us was not exploited. That can be changed today by following the steps above “Fortunately, today we can have a total knowledge of the data and the functioning of the processes in the organizations, which allows us to make more efficient decisions aimed at growing the company” our expert finishes.