Analytics data strategy involves both people and procedures in addition to technology. Every day, tools become easier to use, but adoption rates and the caliber of analytics output are frequently unchanged. How come?
Well, it frequently happens because businesses underinvest in the other pillars while investing excessively in IT infrastructure.
It has typically always been about the underlying technology, which is item 1. However, adoption, investment in people & processes, and a human-centered approach are essentially what analytics modernization is all about.
Modern analytics are required for modern enterprise data strategy.
By identifying a few typical obstacles and delving into five realistic steps, we’ll help you get started on your modern analytics journey toward modernization and help you get there faster than your rivals.
What is Analytics Modernization?
Other terms for analytics modernization include analytics transformation and business intelligence transformation. In every scenario, one of the main objectives is to boost analytics adoption throughout the entire firm, transforming it into a truly data-driven enterprise.
Before we get started, it’s crucial to consider analytics adoption and modernization as a journey rather than a final destination. Regression can occur for a variety of causes, some of which include personnel turnover and a lack of confidence in data sources. It takes ongoing work to maintain a data-informed organization, and firms can fall behind in their adoption. For someone who is just starting their change, this is a crucial aspect.
Adoption of analytics is often a step in a bigger digital transformation roadmap for most businesses. There is frequently minimal guidance from the top leadership in the roadmap’s directions regarding how to carry out analytics modernization.
Don’t become frustrated by this lack of direction! The majority of organizations experience this. You have the chance to decide how to make your business effective at this point.
One more reminder: keep in mind that every organization has unique beginnings, ends, journeys, and present situations. Almost every organization in the world is still attempting to figure it out, despite some organizations’ excellent marketing efforts.
The 5 Pillars of Data and Analytics Modernization
1.) Data Strategy
It is crucial, to begin with, a data strategy whenever you embark on a data and analytics endeavor. Everything you do moving ahead is built on it. It will serve as a manual for your company for how you approach data and analytics—not just from a technological viewpoint, but also a perspective on people and processes. You can use it to address issues like
- What do the employees need to more effectively use data?
- What processes are required to ensure the data is high quality and accessible?
2.) Data Architecture
You require an agile, cloud-based, future-proof data backbone that makes it simple, quick, and flexible to access massive amounts of data from several sources. Choose a data architecture strategy based on your present data requirements and one that can grow as necessary. An advanced data architecture consists of
- Alternate Less Governed, Less Latent Pathways to Data
- Data Warehouse and Data Lake
- Modular Approach
3.) Data Management & Governance
Data architecture is frequently what comes to mind when you hear the term “data management,” but it is only one component. Your data must be accurate and accessible to the right people at the right time to effectively manage modern data. When starting a data modernization program, you need to have principles specified for your data even though technology and architecture are crucial to data management. These guidelines consist of:
- All Data in One Place
- Risk Management
- Scalability, Stability, and Security
4.) Analytics Tools
Consider the applications and reports you use often to locate useful information. Better analytics capabilities, such as real-time analysis, embedded analytics, improved collaboration, and more, will be provided by migrating to newer, next-generation analytics technologies. But with so many possibilities available, how can you choose the best tools for your needs?
Don’t just concentrate on the technology’s advantages and disadvantages.
- Consider Entire Architecture When Choosing Your Tool
- Assess Skills Sets
- Focus on Short Term
- Put Together a Roll-Out Plan
5.) The Right People and Processes
The natural gravitational pull of migration is toward the technology itself. But it’s important to keep in mind that a modernization effort involves more than simply a technology change; it also involves a change in the skill sets that your company will need. To ensure a successful move, you should give the following factors careful thought:
- Training and Enablement
- How Your Organization Receives Training
- Load Balancing
- Don’t Just Lift and Shift