What is stage 4?
You’re no longer just using data to show you what has happened, or to plan for different scenarios – you’re using it as your very own glass ball to predict what will happen five, ten, even twenty years from now.
Using current, historical and external data, you’re able to predict everything from which employee is most likely to leave the organisation, to which products will perform best during certain seasons of the year. You may also be able to pinpoint the variables that contribute most to these trends and use these insights to solve the problems you face.
What's the problem?
- Systems are sophisticated and complicated to run, but if done properly can result in big rewards
- Large volumes of data needed for results
- Despite being used heavily in your organisation, data analytics isn’t necessarily ingrained in the company culture
Current situation: The beginnings of data collaboration
You have a number of things working in your favour: you have a corporate data warehouse in place to feed data from multiple systems, your data quality is generally good, and you have a clear set of data analytics standards that are steadily becoming established within your organisation.
The main challenge at this stage is in increasing specialist knowledge throughout your organisation to ensure that you continue to develop the above.
To progress from here, you have to move past simply using data analytics as just another business activity and transform it into a practice that’s deeply embedded in your company culture. To do this, you’re going to need support from those at the top, using their influence to promote data analytics as part of your organisation’s mantra.
If you’re already experiencing the power of predictive analytics then you’re almost there – this is where the real fun begins - when the tools tell you the questions you should be asking of your data! Here are some of the tools you’ll need to get to the next stage.
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A superior hybrid system that allows you to report, discover, analyse, plan, predict and collaborate all in one cloud solution.