Data and data analytics have generated a lot of hype. Hype brings the danger that people jump on the bandwagon without proper planning. The result is failed projects, wasted money and missed opportunities. In September 2015, Gartner stated that big data deployments had only increased by 1% since 2014. This is a somewhat underwhelming result for an industry with so much transformational potential.
The reality is that data is as varied as it is complex; often transcending company silos, barriers and traditional ways of working. To release the business value locked within, data analytics expertise is needed within the context of clearly defined business goals.
Successful data projects are open, empowered partnerships that bring together the right people, with the right skills and domain expertise to bear down on your data problems: To release value, ensure that the needed insights are acted upon to drive business decision-making forward.
Underestimating this challenge, or taking a bet on data without a strategy, is a fast route to the failure of a company’s data programmes. But getting data analytics right has massive and transformational business potential.
The following five rules will help ensure that your analytics investments deliver transformational value and avoid the pitfalls that lead to failure.