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Data analytics for the mid-market: myth vs. reality
 

Data analytics for the mid-market: myth vs. reality

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Every mid-market company has data. Data that offers insight to help solve the business issues that matter most. ...

Every mid-market company has data. Data that offers insight to help solve the business issues that matter most.

So why have so few mid-market companies taken the first step? Lack of comfort? Unclear outcomes? Not sure where to start? Analytics helps mid-market companies make smarter business decisions leading to increased productivity, profitability and competitiveness.

Dispel the myths. Recognize the possibilities. Squeeze more out of your data.

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    Data analytics for the mid-market: myth vs. reality Data analytics for the mid-market: myth vs. reality Presentation Transcript

    • Five myths that keep mid-market companies from making smarter decisions
    • It’s in there Your organization is amassing a tremendous amount of data. And that data is full of potential insights including: • connections between data points previously unmade • emerging trends that have remained invisible • latent signals that have not made it out of spreadsheets But unless you know how to access them, those insights may as well not exist. That’s where data analytics comes in.
    • Start smart Data analytics presents tremendous opportunities for mid-market companies and yet many have not taken the first step. Why? Lack of comfort? Unclear outcomes? Not sure where to start? One of the toughest analytics challenges business leaders struggle with is determining where to focus first. Analytics can be applied anywhere an organization has data – but that doesn’t mean it should be. You have to know which questions you should be answering, not just the ones you could answer. Answer the right questions.
    • BIG DATA IS FOR BIG BUSINESS Myth 1 We’re not big enough yet We’re just not at a scale where it would pay to invest in data warehouses, data scientists and expensive software.
    • Level the playing field Technology is the “great equalizer” for mid-market companies. Once predominantly seen as an expense, technology is now viewed by business leaders as a worthwhile investment and a source of strategic advantage. The same powerful insights that help big business compete are available and affordable to mid-market companies. REALITY
    • MORE DATA. MORE INSIGHT. Myth 2 If we just had more data… …we would be able to solve our business problems and identify opportunities.
    • A picture is worth a thousand words Analytics is about asking your existing data for answers to business questions. Visualizing the data makes it possible to absorb large amounts of data quickly. An idea can be conveyed with a single image. And you may uncover a hidden insight. This allows business managers to spend more time investigating why things are happening and what to do about it – not what’s happening. REALITY
    • ANALYTICS IS AN IT ISSUE Myth 3 This is IT’s responsibility IT is the champion of analytics for our company; after all, it’s about technology, right?
    • Analytics is business led and technology enabled IT departments are often the initial analytics champions within companies. But this approach can result in finger pointing when solutions take too long to deliver and don’t meet user requirements. The business must focus analytics on the most important and pressing business issues and partner with IT to deliver solutions. REALITY
    • Give LEANalytics a try Change the interaction between the business and IT to be more collaborative and co-creative by applying lean and agile principles to analytics. Start with the smallest thing you can do that will deliver the most value and build from there.
    • WAITING FOR SUPERMAN Myth 4 We’re not equipped for this We have too many foundational process and infrastructure issues to address before we can even start to think about analytics.
    • It’s a bird. It’s a plane. It’s … a cloud! The cloud is not just a place to store data. Mid-market companies should consider different models to meet their needs, including analytics-as-a-service. You can still gain insights quickly without a major investment in infrastructure. A simple, sprint-like project could help you better understand analytics and the capabilities you might want to develop. REALITY
    • YOU CAN’T GET BLOOD FROM A STONE Myth 5 Analytics won’t tell me anything new Analytics is more hype than value. We made a minimal investment to test the waters and at the end of the day, we were no further ahead finding answers to our questions.
    • There’s gold in them thar’ data hills An analytics vision and strategy help organizations understand where they are today and their future target state. Shiny solutions alone won’t guarantee value and could be an expensive distraction. Does it make sense to start in a business domain where basic analytics capabilities exist, such as finance or risk? Or start fresh in an area where expectations are low and opportunities may be considerable? These are the questions to ask in forming your analytics vision and strategy. REALITY
    • Customer Finance Risk Supply chain Workforce Customer segmentation; intelligent pricing; marketing ROI; lifetime value Financial performance management; planning, budgeting and forecasting Fraud; smart safety; predictive project risk; reputational risk Supplier and procurement analysis; product profitability Retirement risk; new hire cost analysis What would you like to be doing better? Our experience has shown that not all domains are created equal and vary across industries – where do you see ROI for your organization? Part of the value chain Value drivers made better with analytics
    • Dispel the myths. Recognize the possibilities. Get savvy with analytics. Myth We’re not big enough yet. If we just had more data… This is IT’s responsibility. We’re not equipped for this. Analytics won’t tell me anything new. Reality Analytics levels the playing field, letting mid-market companies compete with big business. Visualization tools make it easier to absorb large amounts of existing data quickly and convey ideas through a single image. Analytics is business led and technology enabled. Focus analytics on business issues and partner with IT to deliver solutions. Using a cloud-based solution or lean implementation can help a company get its feet wet. Having an analytics vision and strategy are key to reaping the value of an analytics journey. Without them, realizing ROI can prove difficult. REALITY
    • Ready to squeeze more insight from your data? Learn to use analytics to address these business challenges in our HIVE – Highly Immersive Visual Environment – at the Deloitte Greenhouse or with an in-person demonstration.
    • Lisa Allen Partner National Growth Enterprises Advisory Services Leader 416-601-6441 liallen@deloitte.ca For more information, please contact: © Deloitte LLP and affiliated entities.