How to Accelerate and Win at Data Analytics Adoption
According to studies conducted separately by Forbes and ZDNet, about half of all companies use data analytics; with values at 53% and 49 % respectively. Whichever figure is accurate; the stats show significant improvement on the adoption of data analytics considering that only 15% of companies were using data systems in 2015. But even so, the figures aren’t anywhere near as high as they need to be since approximately half of all companies are yet to adopt this powerful and productive business tool. If your company falls in the latter category, here are ten ways to bring your bosses and decision-makers round to take full advantage of data analytics.
Use numbers to drive the point home
It’s likely that your CEOs have heard about data analytics. However, do they understand the stats behind the technology? Do they know;
- How many companies currently benefit from data analytics?
- How many businesses have been increasing their data analytics budgets in recent years?
- How much are these businesses saving thanks to data analytics?
Lack of such info could perhaps be the reason your CEOs haven’t jumped on board yet. Come prepared with insightful stats and show them how indispensable data analytics is in today’s business and technology world.
Stress on the business bottom line
Every manager and CEO has a responsibility to maximize profitability, which often means figuring out how to cut spending and minimize wastage while increasing efficiency. Unfortunately, big data doesn’t always seem like a way to achieve these goals, not until one fully understands how it works. Instead, analytics might feel like another unnecessary overhead that should be avoided rather than embraced. Explaining to your executives exactly how adopting data analytics will improve the company’s bottom line can help them understand its importance.
Draw up a cost vs. benefit chart
Unfortunately, just narrating the benefits of data analytics might not be enough. Why? Because your executives hear these new “solutions” all the time and subsequently fail to give the suggestions some serious thoughts. To convince them that data analytics is essential; prepare a cost vs. benefit chart. Calculate the cost of implementing the solution first. Then, enumerate the various processes that data analytics will improve and how they’ll profit the company.
One of the biggest advantages of data analytics is the capacity to uncover unknown patterns that can go a long way to boosting business profitability as well as growth. Measuring the impact of “new solutions” is a massive challenge for even the most established companies. However, with data analytics, you can quickly break down numbers to find out whether your new solution is meeting expectations. And not just this; crunching data has the potential to uncover fascinating insights in your company.
Solicit support from your colleagues
It’s easier to get quality attention if you have a few colleagues backing you up. To this end, instead of approaching the management single-handedly, bring along a colleague. Alternatively, you can discuss with heads or members of other departments to find out ways data analytics will help to solve some of their challenges. Then present the said solutions to the management. Without a doubt, your suggestions will be taken a lot more seriously if you can prove that the solution will benefit several departments.
If hard numbers don’t work, tell a story
The way you communicate has a huge bearing on the success of your conversation. While some people prefer hard numbers, others are more captivated by stories that flow chronologically. Take time to study your management and if you determine that they’re the type that is more impressed by stories, sit down and create a compelling story around data analytics. In the story, ensure to explain how it works, and how it would benefit the company, complete with hypothetical examples.
Simplify the jargon
Another common reason many companies haven’t implemented data analytics yet is that the decision makers aren’t tech experts and therefore don’t understand the jargon around the technology. It’s more likely that your CEO doesn’t fully understand what data analytics means. How are they supposed to allocate money on something they can’t even get their head around? It won’t reflect well on them. To avoid such a situation, explain it to them and your colleagues in layman terms so they can better understand your presentation.
Provide real-life examples
If possible, provide success stories using companies that the decision makers know well, preferably your competitors. Are you aware of a business in the local area that recently implemented data analytics and has been doing tremendously well since then? Their journey would be a perfect case study to use. If you can get actual data from the competitor to show your managers, that will be even better.
Bring along an expert to help
Works best when you’ve already pitched the idea to the key decision makers, but they weren’t entirely convinced on the first attempt. However, they have agreed to listen to you again. Contact a local data analytics expert to come and help you drive the point home. Most of these professionals are excited to discuss data analytics, and some may even help free of charge knowing that it improves their chances of getting a contract.
Focus on the bigger picture
In the end, it’s the senior level staff including the CEOs and managers who will be making the final decision. It’s possible that despite your spirited efforts, data analytics might not be immediately implemented by your company. Of course, this shouldn’t be a cause for despair. Instead, make it your responsibility to remind them again and again. Even if they don’t adopt the technology as expected, they will ultimately see the light and implement it at some point.
The time to start is now
As we’ve seen already, 53% of companies are aboard the data analytics train. These companies may be your competitors keen on taking an early lead. Do you want them to get too far ahead? Make no mistake about it; data analytics are essential in maintaining your competitive advantage. Now is the time to jump on the data analytics bandwagon.