Data has long been a critical asset for businesses like yours to understand customers, operate more efficiently, inform go-to-market strategies, and retain your best employees. In a digital world, capturing and creating data-driven insights provides a major competitive advantage for those who can turn insights into action.
The global pandemic has accelerated digital transformation and widened the gap between analytics leaders and analytics laggards. In fact, a recent study by Accenture identified how leaders have two to three times the revenue growth of laggards, while McKinsey found those who are data-driven are three times more likely to say their data and analytics initiatives have contributed to earnings. Moreover, ThoughtSpot has found through our own research that 87% of leaders believe their organizations will be more successful when frontline workers are empowered to make important decisions in the moment.
These industry trends are important for your organization to understand when creating a business case for Live Analytics, but they are just a starting point. The next step is to contextualize the ‘why now?’ in terms of your organization’s mission, along with the technology shifts forcing you to modernize.
No more business as usual
Consider the following:
Since 2020, telehealth suddenly went from zero to 100 percent with a prediction that a large portion of treatments will continue to be delivered virtually.
Employers must now enforce COVID-19 vaccination and testing status for employees, while also looking for early warning indicators of high performers likely to leave.
Retailers and restaurants shifted from in-person to digital to hybrid.
Established banks are now competing with neobanks (such as Metro Bank or Starling) who are 100 percent digital and use apps and online platforms to support their customers, rather than traditional brick and mortar branches.
In crafting your communication plan to stakeholders, ask yourself:
What is the mission of your organization or department?
How do data and analytics support that mission?
What’s changed to increase the importance? Is it an opportunity? Competitive threat? New leadership?
Healthcare: We want to deliver twice the medical advances to society at half the cost. (Roche)
Retail: We want to ensure customers can buy our products anywhere, with maximum flexibility to return or donate unwanted items. (Amazon, Walmart, Target)
Energy: Schneider's purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all...access to energy and digital is a basic human right. (Schneider Electric mission and analytics alignment)
Real estate: Opendoor's mission is to empower everyone with the freedom to move... Provide people across the U.S. with a radically simple way to buy, sell or trade-in a home. (Opendoor)
Just as businesses are demanding more from their data, technology shifts are enabling increased adoption of cloud IaaS, cloud data platforms, search and AI, and open APIs. These technology forces together enable greater self-service analytics and insights at the point of impact.
Cloud data platforms allow you to access more data and run more complex algorithms, faster. This encourages experimentation and the ability to answer rapid-fire questions. There is no longer a need to create aggregate tables and cubes for fast performance, either for analytics or ingestion.
Search and AI enable non-technical business users to ask and answer their own business questions and uncover hidden patterns in their data. ThoughtSpot is a pioneer in this technology. As it nears mainstream buying, visual data discovery and parameterized dashboards built by developers are now legacy.
Open API frameworks, such as the one delivered by ThoughtSpot Everywhere, enables you to choose and connect best-of-breed platforms to get the most value from your data while also linking insights to actions.
ThoughtSpot remains the only Live Analytics platform optimized for the modern data stack with open APIs that enables you to invest in best-of-breed capabilities across the data and analytics workflow.
On-demand webinar: Real life tips for implementing Modern Analytics Stack
On-demand webinar: Build the data and analytics stack of the future
For additional ideas and resources to help you build a data-driven organization with Live Analytics from ThoughtSpot, download our latest ebook today.