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Business Analytics In Europe: Part I

Big Data
SMAC
Analytics
Code Halos
CFoW
Business Analytics
Value of Signal
Meaning Making
Infographic

Business Analytics In Europe: Part I

You wanted European market insights so brace yourself because my fellow CFOWers Paul Roehrig and Ben Pring wanted to measure...

3 Minutes Read

You wanted European market insights so brace yourself because my fellow CFOWers Paul Roehrig and Ben Pring wanted to measure the value firms get from business analytics—you know put some hard figures around it. And not just put a dollar, pound or euro value on Big Data but explore ways in which companies are starting to “make meaning” from data from reducing risk, optimizing processes or unlocking new streams of revenue. If you want to see the full report then look here at (The Value of Signal (and the Cost of Noise) on Cognizant—it’s thought provoking, insightful and provides a useful framework for guiding decision making.

So onto the story: Did you know that every single day the world creates 2.5 Exabytes of data? 2.5 Exabytes! And bear in mind that 1 Exabyte is equivalent to 125,000 years’ worth of DVD quality video and we produce double that (and some) EVERY SINGLE DAY!  And who knew that 90% of the world’s data was created in the last 2 years alone… an explosion of data that shows no signs of stopping. No wonder more and more firms are honking on about Big Data. Every single company I talk to in Europe is now looking for an approach to help keep up with this deluge of data. Whether it’s enriching those processes that touch our customers to improve product portfolios, or enriching those processes that touch our suppliers to speed up supply chains or drive co-creation, or reconfigure the shared services delivery engine around value rather than just cost (watch this space), spending on Social tools/collaboration platforms, Mobile devices, Analytics and Cloud-enabled solutions (or the SMAC stack as we like to call it) continues to laser onto process work with profound results. No wonder that “Let’s do analytics!” is the Big Data rallying cry.

Without precision and understanding however where to start and grow business analytic capabilities then initiatives can get lost in an inability to connect findings from data to a business context. The European companies we surveyed still need to build out teams if they are to truly succeed with business analytics. Only one third of companies we surveyed in Europe house the dedicated teams with well-defined roles and responsibilities to really make meaning—and those that do are the ones poised to exploit the Code Halo phenomenon. Watch this space because I’ve been putting the highlights from the European responses into a snazzy info-graphic that gives you the low-down; a deeper drill down on the European survey responses. The info-graphic isn’t quite there yet but you will find it here once it clears the designers…

 


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