There is little doubt over the efficacy and value of big data and analytics to businesses. The power of data analytics is altering the business landscape. Whether the objective is to increase revenue, boost productivity or create an entirely new product for consumers, big data analytics is an indispensable tool that should not be ignored. There is a lot of discussion happening around solving various challenges that companies face by focusing on big data and analytics.
There is a reason why businesses of all sizes are investing their faith and money in collecting huge amounts of data, right from recording customer calls to clicks on the website. When analyzed properly, this information can reveal endless opportunities. However, assembling the data is only the start.
It’s only when companies make resourceful use of this data that they can reap the benefit of their data collection efforts. Shortage of technical acumen and business leadership talent can be a big challenge, as there are simply not enough leaders who can grasp big data analytics well enough to guide their organizations in applying it to their advantage. The responsibility lies on leadership to determine how effective big data is and see how it contributes to the growth of the business. It’s an expensive and time consuming process.
However, little has been said about the role of leadership and how business leaders need to take things more seriously and become better versed in analytics and big data technology. Without a heightened understanding of analytics, they are going to find it difficult to effectively shape and drive analytics strategies.
Executives today have formal education and training in areas like operation, finance, marketing and IT. However, there are only a few who go for a higher specialization in fields such as information systems, data analytics and management, or big data analytics. Due to a lack of formal training in these areas, businesses who want to invest in these technologies are faced with a serious gap between promise and fulfilment. In fact, the sectors which stand to benefit the most from these technologies are the ones lagging most. These sectors include healthcare, banking, retail and others. Big data strategies should be driven straight up from the top ranks of its management and not the other way round. This is because the responsibility of the outcome of all the strategy initiatives lies on upper management.
Some of the key issues that business leaders need to define with big data are the business outcomes, impact and responsibility of analysis. From there, they can move on to defining clear strategies and parameters of success. To achieve the maximum potential of data analytics, a clear plan that fixes priorities and responsibilities is required. The implementation of this plan requires leadership to get involved, which they can only do when they have the proper expertise at their disposal. Jobs like data engineering are a part of the hottest job market for advanced skills. However, leading this team requires not only excellent management skills, but also good technical acumen that means the leadership should not shy from getting hands on with the various facets of big data technology.
There are numerous educational avenues offering courses in big data and analytics customized for senior executives and leadership. Harvard Business School’s Business Analytics and Big Data and Kellog’s Leading with Big Data and Analytics stand out as two most competent courses in this industry.
It is imperative for the members of management to get trained in big data analytics. This objective cannot be fulfilled without proper formal education and training which can provide the crucial hands-on experience required for achieving successful outcomes.
Saurabh Tyagi is a blogger and a professional career author.
