CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Human Resource
  • InsurTech
  • Machine Learning
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Software Testing
×
#

CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

Subscribe

loading
  • Home
  • Data Analytics
Editor's Pick (1 - 4 of 8)
left
Data Analytics: New Edge for Success

Data Analytics: New Edge for Success
Colin Boyd, VP & CIO, Joy Global [NYSE:JOY]

Digitizing the Enterprise by Leveraging Analytics and Modern Technological Solutions for a New Era

Digitizing the Enterprise by Leveraging Analytics and Modern...
Besa H. Bauta, Ph.D., Chief Data Officer, MercyFirst

Promise of Data Analytics

Promise of Data Analytics
John Kochavatr, Chief Information Officer & Digital Leader, Suez

Business and Data Analytics to Achieve Productive Outcomes

Business and Data Analytics to Achieve Productive Outcomes
Todd Simpson, CIO, FDA

Data as a Business Resource

Data as a Business Resource
Jamie Adams, CIO, Mspark

Where can You Use Quantum Computing in Data Analytics?

Where can You Use Quantum Computing in Data Analytics?
Aaron McClendon, data scientist and practice lead, Aimpoint Digital

Present and Future of IoT Analytics

Present and Future of IoT Analytics
Andrei Khurshudov, Ph.D., Director, IoT Analytics, CAT Digital

Disruption Breeds Opportunity: New Data Analytics in the Aftermath of Covid-19

Disruption Breeds Opportunity: New Data Analytics in the Aftermath...
Sean Xu, Vice President-Information Management, MGM Resorts International

right

Thank you for Subscribing to CIO Applications Weekly Brief

Setting up Data Analytics to Increase Profitability

By CIO Applications| Thursday, August 06, 2020
Tweet

To introduce data analytics effectively, enterprises need to develop a strategy that promotes both top-down and bottom-up initiatives at the same time.

Fremont, CA: Since its inception, data analytics has matured significantly and attracted a more extensive range of adopters. Over the past several years, enterprises of all types and sizes have transformed themselves into data-driven organizations. Data analytics now makes it possible to put customer and market data to work and obtain rewarding insights almost immediately. The numerous advantages of data analytics are well known. Yet, some companies refrain from leveraging the technology as they are concerned that the high costs of launching and running a data analytics project will outweigh the potential benefits. As data analytics technology grows ever more powerful and accessible, such enterprises may want to reconsider their decision.

To introduce data analytics effectively, enterprises need to develop a strategy that promotes both top-down and bottom-up initiatives at the same time. On the one hand, top-down or management-driven initiatives play an essential role in adopting the technology. Leading by example, is beneficial to the adoption of data analytics. At the same time, an excellent selection of bottom-up projects to be executed first has proven to help break initial reluctance and skepticism arising from different teams and well-established areas in the organization. The first step should be to build a strong foundation. Hire key experts and choose the best software.

This should be followed by building an inventory of all the existing resources and capabilities, including whatever is available in the current data warehouse, the organizational structure, and staff competence. Companies need to ensure that the experts heading the enterprise’s data analytics project should be versatile and competent to handle the entire spectrum of data-related fields, including data analytics, data processing, data collection, data warehouses, data blending, data visualization, and data preparation. Practically, it may be impossible to find a single person who can manage all those aspects. The effort needs to be distributed to hire a group of people to cover global expertise.

Companies often collect large amounts of data but do not have a clear idea of what needs to be done with it. As a result, the data gets soiled between two departments. If a company has not been able to do anything with the data analytics tool at disposal, it is highly likely that individual departments have taken the initiative to build or purchase their solutions. This creates boundaries that need to be demolished to create a better environment. Separating the analytics development process into stages can help new adopters accurately assess costs, requirements, and the potential value of developing a data-driven analytical solution.

See also: Top Hottest Artificial Intelligence Companies

See Also: Top Data Analytics Companies In Europe

tag

Data Visualization

Data Warehouse

inventory

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

Four Business Challenges in Procurement

Four Business Challenges in Procurement

Five Trends Set to Transform the Contact Center

Five Trends Set to Transform the Contact Center

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

Four Benefits of Cloud-Based Business Budgeting Software

Four Benefits of Cloud-Based Business Budgeting Software

Four Major Benefits of Green Technology in the Construction Industry

Four Major Benefits of Green Technology in the Construction Industry

Things You Should Know About Insurtech

Things You Should Know About Insurtech

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/setting-up-data-analytics-to-increase-profitability-nid-6165.html