Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
    data driven insights
    How Data-Driven Insights Are Addressing Gaps in Patient Communication and Equity
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: The Business Value of Collaborative Analytics
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Data Management > Best Practices > The Business Value of Collaborative Analytics
AnalyticsBest PracticesCollaborative DataCulture/LeadershipSocial Data

The Business Value of Collaborative Analytics

Brett Stupakevich
Brett Stupakevich
4 Min Read
SHARE

collaborative data analytics 300x261 photo (advanced analytics)Companies that have developed advanced analytical capabilities will be more competitive than their peers whose analytical aptitudes aren’t as fully ripened, according to

collaborative data analytics 300x261 photo (advanced analytics)Companies that have developed advanced analytical capabilities will be more competitive than their peers whose analytical aptitudes aren’t as fully ripened, according to a recent IBM-MIT study.

The study, which is based on insights from more than 4,500 managers and executives, identifies three “progressive” levels of analytical sophistication among organizations: Aspirational; Experienced; and Transformed. Thirty-seven percent of Aspirational companies – those that are just getting started using analytics – reported that they’re more competitive as a result of using analytics.

Meanwhile, 63% of Experienced companies – those organizations that have developed some competence with analytics – cite the competitive advantage they’ve been able to achieve. More impressive, eight out of 10 Transformed companies – those organizations with extensive experience using analytics technologies and techniques – have achieved competitive advantage over their peers.

More Read

How to Create Effective B2B Retargeting Campaigns
Data Design Principles
Try These Tips On How To Protect Your Data From Your ISP
5 Predictions for Trends in Data, Analytics and Machine Learning in 2016
Big Data and Business Intuition Work Together

In a blog post on the study, data management consultant James Taylor (@jamet123) says that companies in the study that have made the leap from “Aspirational” to “Transformed” analytics practitioners have encouraged a collaborative approach toward the use of analytics in their roads to success.

The importance of collaboration is also noted by ZDNet blogger Joe McKendrick (@joemckendrick), who says that it’s statistically significant that 65% of advanced analytics practitioners make insights available to those who need them, suggesting that “two out of three of the advanced analytics companies have figured out ways to ‘democratize’ their business intelligence and analytics to decision makers at all levels.”

Analytics leaders recognize that decision makers and other key stakeholders (line of business leaders, functional leaders in marketing, sales) can and should work closely together to examine, extrapolate, and act on the right data using analytics tools and techniques to achieve mutually agreed-upon business goals.

Before organizations can reach this type of analytical nirvana, there are multiple building blocks necessary to becoming an analytics-driven organization. This includes selecting and using an effective mix of processes and technologies for gathering, analyzing, and acting on the right mix of data to meet organizational business objectives.

Another key component that can’t be overlooked is the importance of nurturing a culture that recognizes the importance of using analytics throughout its operations. This remains a challenge even for analytical leaders cited in the study, as 44% of respondents say their organizations are resistant to becoming more analytical cultures.

In order to foster a collaborative culture, senior leadership needs to communicate the importance of using analytics throughout the organization and among business divisions. This includes highlighting the benefits of brainstorming on strategic goals and demonstrating how the end result can assist multiple business units to achieve both their individual and enterprise-wide objectives.

Cultivating a collaborative analytical culture also means providing key stakeholders with the tools needed to work together across divisions and geographies, such as easy-to-use dashboards and mobile-supported applications.

Businesses that hope to survive in the competitive marketplace need to bring their top decision-makers together to react quickly to changing conditions. The companies that will thrive and outpace their competitors are those that can make the most of their collective brain trust.

Next Steps:

To learn how to socialize your analysis across your organization, join Spotfire’s pre-recorded webcast.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics and truck accident claims
How Data Analytics Reduces Truck Accidents and Speeds Up Claims
Analytics Big Data Exclusive
predictive analytics for interior designers
Interior Designers Boost Profits with Predictive Analytics
Analytics Exclusive Predictive Analytics
big data and cybercrime
Stopping Lateral Movement in a Data-Heavy, Edge-First World
Big Data Exclusive
AI and data mining
What the Rise of AI Web Scrapers Means for Data Teams
Artificial Intelligence Big Data Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Courting Better Health: Time to Focus on Health Analytics

5 Min Read

Target variables matter but so do decisions.

7 Min Read

Risk and Five Sigma Events – Can They Happen to You?

5 Min Read

Conversations for A Smarter Planet: Food, Topic 4 in a…

1 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?