Analytics & Marketing Metrics

3 Problems for CIOs to Crack before Moving to Real-Time Analytics

In business, data is the new pizza. Everybody loves data, and everybody wants to have data. But before CIOs can have themselves a full-blown pizza party of real-time analytics, there are a few challenges they must overcome first. Rajesh Wunnava writes for The Enterprisers Project with the three problems for CIOs to squash:

  1. Plumbing
  2. Mind-shift
  3. Sponsorship

Anchovies & Analytics

Plumbing refers to having the right existing technology and processes in place to be able to actually use collected data in a practical way. Data collection needs to be automated and centralized enough that it does not become a headache to find. As Wunnava writes though, this is easier said than done, in spite of all the tools available to facilitate it. You really need to understand your business and customize your solution accordingly.

About mind-shift, Wunnava writes:

There is also a mindset shift that needs to happen, because most conventional business intelligence staff are used to looking at things retrospectively. They have had a lot of time to build data warehouses and run jobs that would at times take several days, and then make something available to Marketing, Strategy, or even Finance to derive any kind of meaningful insights that could have implications looking forward. There is a lot of learning curve there.

Lastly, there has to be sponsorship to make analytics more than a pipe dream. Upper management needs to be aligned with the understanding that analytics will provide an immediate competitive advantage as long as everyone is on board to use it. Wunnava points to the music-streaming service Spotify as an example of analytics done right. When it comes to recommending music, Spotify not only observes what people are listening to, but also when they are listening to it and what they tend to be doing when they are listening to it. Well-conceived data applied with the right business context is how analytics succeeds.

You can read the original article here: https://enterprisersproject.com/article/2015/7/cios-must-crack-3-problems-moving-real-time-analytics

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