Making the case for Big Data and analytics investments
- Posted on March 11, 2015
In today’s always connected, instant access landscape, companies are challenged to speed up business cycles and increase productivity to drive competitive advantage. The pace of digital transformation continues to accelerate, thus a change to our approach is needed. To become a digital disruptor, companies need to be prepared to react as well as anticipate fast-moving market developments.
Big Data and analytics are the currency of digital transformation. However, companies often struggle to make the case for investments and focus their energy on impactful actions. In an environment where organizations can place strategic bets in many technology categories, one can look very much alike another.
We know from IDC’s research that additional investments in data and analytics can deliver a huge Data Dividend – $1.6 trillion potential ROI. How do you make the case for data and analytics initiatives? As the research firm aptly points out in its report, data and analytics initiatives have a direct correlation to critical business levers, including increasing revenues, improving productivity, mitigating risks and reducing costs.
At Avanade, we’ve taken a look at these four key business levers alongside the four investment areas that IDC calls out – new data, new metrics, new techniques and new users. However, it’s not a single-pronged proposition – it’s the combined effect of how various data and analytics investments can positively affect these business drivers. For instance, companies can increase productivity by expanding the type of users who have access to data and analytics, further empowering them with new types and sources of data, embracing new techniques and exploring new ways to measure success.
To make the case for data and analytics, businesses need to create a benchmark of their current data and analytics investments and look at where they can focus their resources to derive even greater value from their data investments.
Later this month, I’ll be teaming up with Bob Cormier from Forrester Research for an upcoming webinar to share Avanade’s comprehensive approach to prioritize and build the business case for data and analytics investments for greater business outcomes. Please join us on March 18 at 11:00 a.m. ET to learn how to create powerful business cases for data and analytics investments. Register here: http://avana.de/1BVph46