Algorithms and analytics are everywhere. Today, these are used to ensure you shop online without getting confused by the billions of options, they are being deployed to match organ donors with precision, identify keyword stuffing used to game page ranking, hunt down and isolate hidden financial assets, boost agricultural output and enable safer space exploration. Algorithms and analytics allow us to learn and adapt in a continuous loop, helping us make exponential progress over time. They are the backbone of the intelligent enterprise.
Drivers of an intelligent enterprise
Data is a major driver of an intelligent enterprise. Data contains the secrets and signals of new customer demands, advanced features and functions that products need, ways to optimize internal processes and save costs, improve customer service, meet compliance norms and pursue new markets for revenue growth. In other words, organizations are looking for ways to enhance business insights, improve their reporting capabilities and innovate with greater confidence. All of these have become possible, thanks to the availability of sophisticated algorithms, analytical techniques and data.
But that isn’t enough. The ambitions of becoming a truly intelligent enterprise are unlocked when an organization becomes familiar with—and embraces—Artificial Intelligence (AI), Digital and Cloud, develops new people skills and taps into a vast network of partnerships that can solve what appear to be intractable problems. The real challenge is to do this without having to turn everyone in the organization into data scientists and data science interns!
The good news is that organizations are becoming familiar with the new tools and technologies that are helping crystalize intelligent enterprises. They are infusing AI into experiments run on the backs of curated data platforms combined with large doses of automation in IT and business processes. They are harnessing digital and cloud along with microservices for scale. They are responding to challenges in re-skilling/ upskilling their employees for the new technology-driven environment. And they are testing their organizational capabilities to leverage crowdsourcing platforms to go beyond the internal talent pool and bridge the skills gap.
Without doubt, these are steps in the right direction. Yet enterprises are failing to meet their desired business objectives and outcomes.
The way forward
The truth is that from a technological perspective, algorithms, automation and analytics are easily implemented. The real hurdle is being able to ask the right business questions and feed the algorithms and analytical engines with the data to deliver dependable insights. Where do you look for the data? What is the right data for you? What do you pay for the data? How do you manage it? How do you apply the correct algorithms and analytical techniques for optimal results? How do you scale processes for the ever-growing demand by employees for intelligent decision-making? These questions around data are becoming the roadblock to creating intelligent enterprises.
According to Forrester Research, 62% of high growth firms are using consultants and insights providers to overcome the challenges around creating the intelligent enterprise. Consultants are necessary. They know how to squeeze every ounce of value out of your data. In addition, they are equipped to orchestrate the complete lifecycle of data and analytics projects. This means you don’t miss opportunities that are hidden in your data. And more importantly, you avoid the pitfalls that such complex projects are vulnerable to and which can spell the difference between long-term success and failure.
Check out this webinar to understand how industry leaders are leveraging data and analytical consultants.