{"id":28889,"date":"2018-08-31T09:49:54","date_gmt":"2018-08-31T09:49:54","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=28889"},"modified":"2018-08-31T09:49:54","modified_gmt":"2018-08-31T09:49:54","slug":"data-data-everywhere-wheres-the-analytics-for-insight-by-aubrey-joachim","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/data-data-everywhere-wheres-the-analytics-for-insight-by-aubrey-joachim\/","title":{"rendered":"Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-size: 36px; color: #3366ff;\">Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim<\/span><\/h1>\n<ul>\n<li>\n<h2><strong>Are Sri Lankan organisations lagging behind?<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\"><a href=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2018\/03\/aubrey.jpg\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-24820 alignleft\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2018\/03\/aubrey.jpg\" alt=\"Aubrey Joachim\" width=\"278\" height=\"227\" \/><\/a>We live in an era of \u2018big data\u2019. The volume of data in the world is doubling every five to six months and its growth is exponential.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Every large organisation has around 200 terabytes of internal data \u2013 one terabyte is 1,000 gigabytes. In addition every organisation has access to significant amounts of external data.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Eighty per cent of data is unstructured or semi-structured. Blogs, tweets, Instagram pictures, human movements, etc. are all extremely valuable sources of data that are captured today by a plethora of digital-enabled devices such as sensors, point-of-sale scanners, digital cameras and the like. The proliferation of data in today\u2019s world is a huge opportunity that organisations must exploit. Easier said than done!<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">This is the big challenge facing most organisations; firstly do they have the required data, and secondly do they know how to employ analytics to derive the insights that will help them gain a competitive advantage.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Many organisations lack the ambition, sophistication and leadership to use big data. A recent study of Australian organisations indicated that 90% are lagging in their use of data to improve their bottom line. Fifty-six per cent of such organisations have the opportunity to improve their bottom lines by over 50%. It was only in less than 10% of organisations that data and analytics were integrated into all business decisions, including real-time information.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">If this is the Australian finding what then would be the Sri Lankan situation? A cursory observation of Lankan organisations is sufficient to indicate that the opportunities exploiting big data and analytics are significant.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Big data by itself does not deliver outcomes. Something must be done to the data in order to derive insight and generate value. Analytics is what enables data to produce insights. This is why one cannot talk of big data in isolation. Big data AND analytics is the combined formula for success.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Understanding big data is easy. Organisations have had some form and quantum of data for centuries. As we now recognise, the quantum and type of data has increased exponentially. While the basics \u2013 financial data, customer data, product data, etc. have always been available, today there are other forms of data such as sentiment data, location data, weather data, etc. that organisations are able to have access to.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">How much and what type of data organisations have depend on their ability to capture such data and more importantly recognising what data they need in order to derive value and competitive advantage. What then should they do? This is where analytics comes into play.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Analytics is about the extensive use of data for identifying trends, patterns and projections based on analysing different types and categories of disparate data that should be used in fact based decision making.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">For example, what will be the uptake of a new product? Which customers are likely to leave? How can external drivers be exploited to deliver value? These are vital questions that business leaders are seeking answers to for strategic decision making. The age of backward looking historic information is gone. Today is the era of forward looking insights. Predictive analytics is the need of the day.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">There are a number of analytic tools and techniques, and today there are powerful software platforms that enable insights to be churned out at speed. It is these aspects that most organisations are struggling with; what analytic tool to use and what software platforms are best to use.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Of course there is the secondary challenge \u2013 do employees have the skills and competencies to understand the organisation\u2019s business model, harness the data and identify the relevant analytic tool to use and then the competence to use the software?<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">How then do organisations go about transitioning to a data driven organisation? The first step is to recognise where they are positioned on the journey \u2013 in other words what is their analytical capability? Organisations go through various phases on their big data and analytics journey. An organisation is analytically impaired when it does not recognise the opportunities or does not have the data to progress.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">The next level is where there are pockets of localised analytics across the organisation that may be driven by individuals who recognise what they can do in isolation. An organisation is at the stage of having analytic aspirations when it has begun to recognise the opportunities from going down the data and analytics journey on an enterprise scale and take steps to do so.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Organisations at the top of the pyramid are those that are analytical companies and analytical competitors. This is the world of the FAANG organisations \u2013 Facebook, Amazon, Apple, Netflix and Google.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">Therefore, where do Sri Lankan organisations position themselves on the big data and analytics journey? Have business leaders recognised the huge opportunities they are missing out? Do they have a data strategy for their organisations? Are they encouraging their staff to develop skills and competencies in data and analytics? What investment are they making in technology to be ahead of the curve and beat the competition? These are strategic questions that senior leaders should be considering.<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">In an era where it is the survival of the fittest in the age of business disruption exploring the benefits of big data and analytics is not an option it is a must. This is where smart organisations \u2013 large or small \u2013 are moving towards. Smart managers are leading the way. Are Sri Lankan managers ready for the challenge?<\/span><\/p>\n<p><span style=\"font-size: 24px; font-family: 'times new roman', times, serif;\">[The writer, FCMA, CGMA, is a past Global President of CIMA (UK). He is a global trainer and presenter and works with large organisations on finance transformation initiatives. He also runs public and in-house workshops in Sri Lanka.]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim Are Sri Lankan organisations lagging behind? We live in an era of \u2018big data\u2019. The volume of data in the world is doubling every five to six months and its growth is exponential.\u00a0 Every large organisation has around 200 terabytes of internal [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":24820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,4525],"tags":[3912,4745,4746],"class_list":{"0":"post-28889","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-aubrey-joachim","9":"tag-aubrey-joachim","10":"tag-data","11":"tag-faang","12":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim\" \/>\n<meta property=\"og:description\" content=\"Data, data everywhere \u2013 where\u2019s the analytics for insight ? by Aubrey Joachim Are Sri Lankan organisations lagging behind? We live in an era of \u2018big data\u2019. The volume of data in the world is doubling every five to six months and its growth is exponential.\u00a0 Every large organisation has around 200 terabytes of internal [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/data-data-everywhere-wheres-the-analytics-for-insight-by-aubrey-joachim\/\" \/>\n<meta property=\"og:site_name\" content=\"eLanka\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/eLanka.com.au\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-31T09:49:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2018\/03\/aubrey.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"408\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"eLanka admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"eLanka admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/data-data-everywhere-wheres-the-analytics-for-insight-by-aubrey-joachim\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/data-data-everywhere-wheres-the-analytics-for-insight-by-aubrey-joachim\/\"},\"author\":{\"name\":\"eLanka admin\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/#\/schema\/person\/f6e635b74ab35ef88a68a9973cacc5bd\"},\"headline\":\"Data, data everywhere \u2013 where\u2019s the analytics for insight ? 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