Many companies have been successful without analytics, but what got you here won’t get you there.
In this video Doug Laney and I discuss why a data and analytics strategy is essential to the long term survival and prosperity of every company today.
The Question: Why is a data and analytics strategy important for businesses today?
• In the very near future, being relevant in your industry will require solid organizational data and analytics strategies and skills. The bar is constantly being raised.
• Even though data is not a balance sheet asset based on formal accounting definitions, we should treat it as one because it is. The accounting standards have yet to catch up to the times.
• With the rate of digital change and newcomers entering many industries as digital natives, it is no longer acceptable to put your head in the sand and ignore data and analytics strategy.
• Tools and technology are NOT data and analytics strategy. That is the easy part. Culture and using D&A as part of strategic decision making is the hard part. This is also where the real value of D&A can be realized.
• Data and analytic capabilities/culture take time to develop. If you aren’t leveraging these capabilities today, you will need to in the future to remain competitive. This isn’t a capability you can turn on like a light switch. Start building those capabilities today!
Be sure to check out all the videos from our “Data & Analytics in the Boardroom: Raising Your Digital Quotient” series.