This post is sponsored by TIBCO. Thank you for supporting the organizations I trust.
If you’re an analytics professional, chances are the way you work has changed dramatically over the last two years.
The most obvious change might be where you work, as remote work adoption hit record highs at the beginning of the pandemic. And it appears that remote and hybrid work are here to stay: an August 2020 survey from the consultancy McKinsey found that executives plan to reduce their office space by 30 percent.
With this change in the workplace environment came new ways for teams to collaborate. As coworkers navigated unprecedented personal and professional changes, they required new technology to take action on business insights and remain agile in a rapidly changing environment. In fact, 62% of respondees to Experian’s 2021 annual Global Data Management report claimed that a lack of agility in data processes have hurt their response to changing business needs.
How organizations served the customer has also become more complex. The retailer Target reported increases in curbside pickup as much as 700 percent during the height of the pandemic. Ecommerce, already a dominant economic force, grew by over 40% in 2020. Organizations must now account for customers interacting with more channels, on more devices.
These change from workplace collaboration to customer service require a new way to do analytics. As I wrote in the ebook Modern Analytics Platforms:
A more modern approach to analytics is intended to support greater business agility at scale. This requires faster data preparation from a wider variety of sources, rapid prototyping and analytics model building, and cross-team collaboration processes.
Your analytics has not
Many organizations have rightly looked for data to help them navigate these rapid changes. In fact, 84% of respondees to Experian’s report say that they’ve seen more demand for data insights due to the COVID-19 pandemic, and 72% state that this transformation is making their organizations more reliant on data.
That said, less than half of executives responding to the NewVantage Partners 2022 Big Data and AI Executive Survey claim they are competing on data and analytics. How can these organizations be in a better position to deliver sought-after analytics?
As I wrote in Modern Analytics Platforms: “With the support of converged analytics, any professional can detect and act on both challenges and opportunities at the moment of impact, rather than months later.” The ebook goes on to look at how organizations can combine people, processes, tools, and technology to deliver the analytics needed to stay agile in a changing world.
How has your analytics adapted to change over the last couple of years? What do you hope to see next? Let me know in the comments.
Leave a Reply