More data was created in 2017 than the previous 5,000 years of humanity. Yet, less than 0.5% of that data is ever used. Why?

Not that long ago, decisions were made based mainly on guesswork. Access to impactful analytics was reserved for big companies with big budgets. But with recent advancements in cloud technology, real-time, advanced analytics is now within reach of companies of all sizes.

Here are some of the ways data analytics is impacting business today:

Now that data analytics is enabling businesses of all sizes to compete with the “big guys,” one would assume that every company would be racing to capitalize on this opportunity. And yet… most companies still struggle to get their data analytics projects off the ground.

FOUR COMMON DATA PROJECT CHALLENGES

Organizations are met with challenges that prevent them from benefitting from data analytics. In fact, 60% of data analytics projects will fail to go beyond piloting and experimentation. Here are some of the most common challenges:

1. Lack of a defined use case aligned to business goals
2. Overwhelming amount of data spread across the organization
3. Lack of proper resources, processes & tools
4. Poor user adoption

OVERCOMING COMMON DATA Analytics PROJECT CHALLENGES

As technology continues to advance, the way we make decisions must also evolve. Companies need to begin to incorporate more data sources, better tools, and strategic frameworks to gain a leg up on their competition.

When transforming into a data-driven business, here are the four key areas to consider:

• Start with Business Goals First: A critical first step is to clearly define your business goals. This will help you align the right people, process, and technology that will have the greatest impact.
• Consolidate Data into One Central Source of Truth: Data is never delivered in pretty packages. You’ll need to integrate your disparate data into cloud storage before you can glean any real insights.
• Utilize Proper Resources, Processes, and Tools: Cloud-based data analytics tools come in many shapes and sizes. Make sure you’ve been advised on which tool works best for your needs, work culture, and budget.
• Implement a Strategic Change Management Strategy: It’s not the solution itself that creates a data-driven business – it’s the people! Don’t overlook the importance of a proper change management strategy to get your people leveraging data analytics to make more informed decisions.

THRIVING IN TODAY’S AGE OF DATA TRANSFORMATION

While access to user-friendly data analytics tools abound, tapping into a limited pool of specialized expertise to help you get your project off the ground remains the single biggest roadblock. According to a recent report, the demand for data professionals is 60% greater than the supply.

For many midmarket organizations, partnering with a trusted solutions provider like BDO Digital can allow companies to leverage specialized data analytics capabilities on an as-needed basis.