To be Insight Driven or to be Data Driven: That is the Question for Businesses Right Now
This is going to start with a dark truth derived from Cisco chairman John Chambers, “at least 40% of companies will die in the next 10 years. ”This is in response to the digital transformation that is sweeping businesses by storm. Those that are refusing the technological route, are being left behind in the dust disabling their business’ chance to grow.
A digital transformation is great. It means that companies now have access to substantial amounts of data, but the next step is to make good use of the data. The challenge will be to balance the difference between having too much data and not enough insight.
Key ways in which a company can move into a more insight-driven direction:
1) Creating a data management process that is more dynamic and analytics that can adapt
2) Discovering insights grounded on all enterprise data
3) Certifying that data insights are related, actionable, and prevalent
Once these methods are implemented, companies will start seeing positive results that are already circling within other companies.
Insight Driven Results
- Forrester’s data shows that insights-driven firms are 39% more likely to report year-over-year revenue growth of 15% or more.
- Forecasts show that these insights-driven public companies and startups based on digital insights will continue to grow an average of 27% and 40% annually, respectively — much faster than the projected global 3.5% gross domestic product (GDP) growth.
- It is projected that the collective revenues of the top 30 insights-driven companies will be $1.8 trillion in 2021, which means they will be taking this business away from their less data and insights savvy competitors.
- 79% of companies are implementing or planning to implement self-service BI (reporting and analytics) to drive greater use of data insights.
- The number of companies with over 1,000 terabytes (TB) of data nearly tripled between 2016 and 2017 alone.
While results are positive, there are still challenges that are the obstacles blocking companies from getting their desired insight driven results.
- On average, companies manage to govern, process, and utilize only 20% to 50% of all their enterprise data for insights and decisions.
- 43% Find an inconsistent level of quality among data sources
- 34% Have data that materializes too fast to manage
- 29% Have too many unconnected data sources
The Solution with SAP
SAP BW/4HANA’s 3 step process closes the gap between a concentration on heavy data and insightful data.
- Simplifies the provision of timely business insights: Data is managed efficiently and with agility, while live and immediate insights are deployed at scale, on-premise, or in the cloud.
- Capitalizes on the full value of the data available: Inconsistent data quality and disparate data sources hinder the best efforts to make sense of ever-increasing amounts of data as SAP BW/4HANA enables 360° insights across SAP and third-party line of business applications and ensures that the digitization of the business is driven with a true Big Data warehouse.
- Innovates with one trusted source for all insights: Business adoption is maximized with modern analytics that deliver analytical applications tailored to the unique requirements of your organization that changes our business strategy and transforms it with both integrated and automated machine learning, providing actionable and trusted insights.
What to Remember
Data insights will not work if they don’t relate to your costumers or business. To achieve results from data-driven insights you must remember to use intuition and act on it while having your business in mind.to keep relevance with businesses and customers, data insights need to be used to predict the future to achieve anticipated outcomes.