Three Reasons Why You’re Not Taking Full Advantage of Analytics –And What to Do About It
Business executives are beginning to understand the power of analytics. According to the GE Global Innovation Barometer 2016, 61% of senior innovation executives now use big data to inform decision-making –that’s up from 53% in 2014. But even so, that number isn’t anywhere near as high as it needs to be. And if only six out of ten “innovation” executives, are relying on analytics, what does that say about the rest of the C-suite, who might not be so cutting-edge?
Make no mistake about it: Analytics are essential to maintain your competitive advantage. Data, technology and analysis can now combine in powerful ways to help you better understand and respond to employees, partners and customers. As Deloitte describes it, we’re entering an “‘everywhere analytics’ world —where analytics, science, data, and reasoning are embedded into the decision-making process, every day, everywhere in the organization.”
If your organization hasn’t completely embraced data-driven decision making, have you thought about what’s holding you back? Here are the most common roadblocks I see:
Old habits die hard
Most managers still aren’t interested in anything other than “red, yellow, green” status reports. It’s as though they’re conditioned to only want to know how well they’re doing at the current moment in time —and not how they got there or where they should go next. Breaking out of this comfort zone won’t be easy; embracing change never is. But there has to be a mindshift that moves organizational updates away from “here we are” to “here’s what we can do about it.”
You don’t know what you don’t know
It’s difficult to fully embrace analytics if you’re not sure how they can benefit your organization. And I’ll admit it, data scientists have to take most of the heat here. We’re still learning how to communicate the value of business analytics, and too often, we fall short of the mark.
Business analytics aren’t one-size-fits-all
Updating an old approach is easy if the way forward is simple and straightforward. That’s rarely the case with analytics. Because they need to be customized for each business problem, analytics are often seen as overly complicated and time-consuming. When there’s a perception that the activation energy is too high, managers shy away.
The best way to get around roadblocks like these is to start thinking in terms of actionable insights. You don’t have understand heavy, technical explanations about how big data works in order to appreciate analytics. You just have to understand that analytics, done right, lead to actions that solve business problems.
And that’s exactly what our digital engagement platform can do. It provides the levers to make analytics actionable.
Our digital engagement platform integrates both gamification and big data analytics with your existing systems of record to generate what we call “performance enhancing data.” This performance enhancing data is the key –it’s the insight you need to guide your actions, so that you’re motivating employees to act in ways that have a direct, positive impact on the bottom line.
Think of it like this: The systems of record your employees are already using are churning out huge amounts of activity data –from learning, training, customer service, sales, CRM, etc. Our digital engagement platform empowers you with the analytics you need to use all that data to make better decisions.
So tell me: What’s holding you back?
For examples of how business analytics can be used to motivate a modern sales team, check out our on-demand webinar: Beyond Coin-Operated Sales Management: How Best-in-Class Enterprises Blend Gamification, Data Analytics, and Cold Hard Cash to Drive Results