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Business Analytics In Europe: Part III - Lets Start Meaning Making

Business
Analytics
Meaning-Making
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Value of Signal
CFoW

Business Analytics In Europe: Part III - Lets Start Meaning Making

The key to cracking code in business analytics is to find the story in the bits and bytes and derive tangible—and actionable—business...

3 Minutes Read

The key to cracking code in business analytics is to find the story in the bits and bytes and derive tangible—and actionable—business insight. The story or narrative that a business analytics team lands on must matter to any hardened decision maker looking to make sense from the swollen rivers of data flowing in, around and through their business processes. You can see this from firms featured in our business analytics paper The Value of Signal (and the Cost of Noise (please do check out Scott’s Miracle-Gro and how they use analytics to know their largest buyers far better than they know themselves…)

This is what the new science of “meaning making” is all about and it’s hugely important because it could generate so much value for firms in Europe. Meaning making adds billions of Euros, Pounds or Krona to the bottom line and it’s a number that the Center for the Future of Work set out to find. So, of the 300 US and European firms that we surveyed, they collected an estimated €561Billion in economic benefit from business analytics (revenues and savings) over the past 12 months. €561 Billion. That’s an astonishing number. Further calculations show that number splitting into a 52% uptake in revenue and 48% reduction in cost. It really begs the question why more firms in Europe aren’t investing in the dedicated teams, processes and people to make meaning from data. 

But what does it take to be a “meaning maker” as rather than a company that merely “collects” data or “does” analytics? Remember that the action happens deep inside the business where the heavy lifting is done—in line with core business processes. And our respondents show meaning making approaches are coalescing around 1) predictive modelling; 2) data granularity and 3) better alerts—Figure 1.  But what if the respondents used all the techniques and processes at their disposal? Our own calculations put the amount of value/benefit that could be accessed in 12 short months to be an astonishing €624 BILLION if the respondents fully used all analytic best practices, rather than follow a piece meal approach.  Next post will feature the Infographic…

 


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