Why organizations today want an Analytical Platform

Introduction

With the incipient stage of data revolution beyond us, organizations are entering a new level of expertise in data management by experts. The days when organizations could manipulate data and extract information from them, without the presence of an analysis platform, are gone.

The importance of business analytics platforms has grown over time, to the point that they are considered imperative to store and analyze data today.

As a member of the SAS Collaborator program, I had the luxury of receiving information from an expanded SAS survey that assesses the likelihood that organizations will opt for analytical platforms and the motivating factors behind this strategy. The investigation consisted of two parts, the first of which included interviews with more than 132 government and business organizations.

The second part consisted of a global online survey that attracted 477 respondents, all from a qualified fund. The results were very interesting and validated the importance of the analysis in the current organizations. Over 80% of all subjects said that the topic of analysis hit the boardroom within their organization.

added value

To begin, we asked respondents about the value that the reviews had added to their business model and efficiency. Seventy-two percent of all respondents said their use of analytics helped them add value. This value was added through a visible improvement in key business operations. Some organizations also argued that the analysis helped them launch complete business models.

To make a better assessment of the value obtained through the analysis, we asked the respondents exactly what they used the data and analysis in their organization. A convincing 98% of all respondents believed that analysis played a role in their organization. Its deployment, however, varied from case to case. When asked about the role of analysis in their system, 39% of respondents believed that the analyzes were used to make tactical and strategic decisions throughout the organization. 

They closely followed the 35 percent who believed that the analyzes were used throughout the organization, but only for tactical problems, not for strategic purposes. On the other hand, only 7% mentioned that the analysis was used only to make strategic decisions, while only 2% confessed that they never used the analysis in the organization.

Challenges

We have all talked and read/written articles about the challenges that persist in implementing and analyzing widespread data across organizations. Not all companies have the talent or the government to use the data. Data management remains a struggle for most organizations, so some make the final decision to avoid scaling on a larger scale.

We asked many of our online interviewees and physical respondents to indicate their confidence in four data-related issues. The process of reflection was to determine the number of people they trusted to assess challenges and recognize the dangers they posed. The issues were trust, accessibility, exchange and integration.

Interestingly, respondents had less confidence in the integration provided by the analysis. Respondents believed that data is generally saved and should be better integrated at all levels. The level of trust was relatively higher in relation to trust systems since confidence levels reached a score of 3.68 in 5. Respondents also showed scepticism in assessing accessibility and exchange, since both issues were rated at 3.22 and 3.02 respectively.

Benefits of the Platform.

Having discussed the implications and the challenges, we could see the benefits of using an analytical platform to get actionable information, as per our respondents' perceptions. We provide a list of possible benefits for all respondents and ask them to rate the five preferred benefits they expected or had experienced on an analysis platform in their organization. Through all the benefits, the preferred response was to reduce the time spent cleaning and preparing the data. More than 46% of respondents believed that an analysis platform helped them reduce time spent on data cleansing.

In addition, many of the respondents believed that an analysis platform improved decision making and also reduced the time spent doing so. The analysis platforms have helped data scientists, in particular, in all organizations, and have increased access to various data sources and hardware. They also improve integration by implementing models that can be accessed from any environment, through an API.

In addition, many of the respondents also believed that the analysis platforms have reduced the effort that was taken to generate ideas outside the system. Ideas are now generated faster than before. "The results from the analytical platform are also used at the board level. The main benefit for them is that they now receive the requested information much faster; the information is produced in a day now instead of 30 days before, "said a senior professional in the in-depth interview.

Enabling teamwork and general confidence

The team that deals with the analysis platforms in an organization is usually made up of data scientists, IT decision makers and business sponsors. We asked some of these team leaders to evaluate some issues related to your company's ability to obtain analysis value and rate your confidence on a scale of 0 to 10.

These leaders of the strategic teams showed a considerable degree of confidence here. The greatest confidence was in the success in the field of analytical / data science and statistics, as it was rated 7.2 by experts. The total confidence rate was 7.0; which is pretty decent, considering the limited time that the analysis platforms have had.

"We still have some problems, the deployment of the model is the biggest, but also, data accessibility or IT security remain a challenge," said the head of analysis of a public sector firm.

Knowing that the workload of analytics is bound to increase in the future, we asked our respondents how prepared their organizations were for the future. The rating system was the same as the previous one, and respondents requested ratings from 0 to 10, with 0 being least prepared and 10 exceptionally well prepared. The total average for this case was 6.3, which means that there is still room to improve what they can do and how they will work in the future.

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