To get on the path to “Best in Class” more and more companies are moving away from the homegrown analytical solution and are taking a hybrid approach that leverages standard technologies and gives companies more flexibility. This topic was explored by Aberdeen in the report entitled Business Effectiveness with Tailored Analytics.
Below are some of the key findings that the report covers. When talking to end users about business analytics, regardless of the job function or industry I’m seeing a noticeable uptick in interest for tools that help develop and create strategies. An effective analytical environment enables access to more data and gives end users more qualified information for decision making. The old “plug- and – play” turnkey only fills a hole and doesn’t accomplish the strategic thinking needed in today’s business world. Businesses today are requiring workers to think in a more strategic manner when it comes to problem solving. End users are asked to get more accomplished with fewer resources. In order to succeed, end users must figure out new creative techniques to blow through obstacles and create a plan that shows the company on the path to “Best in Class”.
Among other things, this report demonstrated how companies taking a tailored approach to business analytics were able to create several noticeable efficiencies in the operations of their business (Figure 1).
Figure 1: Tangible Business Results with Tailored Analytics
Source: Aberdeen Group, September 2011
The research also revealed some other interesting findings related to these users. Perhaps the most vital aspect of a successful analytical strategy is the level of adoption among the business users. Research continually backs the assertion that implementing to the last mile by bringing analytical capability into the hands of more users (Including mobile users) facilitates a higher ROI on a company’s investment in BI. The data from this report demonstrates that the companies taking a tailored approach to analytics have achieved a higher degree of both adoption and engagement in their user base.
Final question: What are the biggest challenges you’ve faced in delivering analytical solutions to your decision makers? I welcome your feedback and response.