Organizations say they want to have more data insight and while 74% of firms say they want to be “data-driven,” only 29% say they are good at connecting analytics to action. That is the problem. Evidence shows business satisfaction with analytics went down 21% between 2014 and 2015, despite big investments in big data.
What Organizations were really after – action inspired by new knowledge with data and analytics only the means to that end. Most firms were already turning data into insight and action by building systems of insight ― the business discipline and technology to harness insights and consistently turn data into action.
Now to 2016. This idea is resonating with customers; vendors are starting to use it; and Forrester’s data and analytics analysts have organized themselves around it. Why? Because while most BI efforts are one-way ― data to insight to hoping for action ― systems of insight close the loop between data and action with teams of people using the right processes and technology to continuously discover, test, and implement insights in software and decisions. What’s more, they create feedback loops that measure outcomes, and they provide the tools to experiment, learn, and optimize. Connecting data to action in a closed loop is critical if you’re going to reverse the downward trend in business satisfaction.
Data analytics has received a ton of attention from vendors and the media, and the data driven mantra is deafening. This attention has been well intentioned but misplaced.
In this emerging world of too much data, what matters most is how you discover and implement digital insight in the fabric of your business. To do this, you don’t need more data; you need systems of insight driven from the top by a culture that values insights-to-execution. And you need technology and services that bring together data, analytics, implementation, and continuous learning and optimization.