Many organizations are struggling to get business value from their analytics. According to Gartner, through 2022, only 20 percent of analytic insights will deliver business outcomes. When it comes to AI, Gartner says 80 percent of projects this year will remain "alchemy, run by wizards whose talents will not scale in the organization."
Setting up analytics projects or an analytics organization is one thing but deriving value from analytics is another. And with the COVID-19 pandemic disrupting economies around the globe, companies will likely take a close look at ROI when it comes to analytics and data science groups.
"It's not about analytics. It's not even about insights. It's about impact. If you're not making an impact, you're wasting your time," says Mike Onders, chief data officer, divisional CIO, and head of enterprise architecture at Cleveland, Ohio-based KeyBank.
Here, ruthless focus on business outcomes is key, as is the ability to rapidly prove analytics can have a business impact and then delivering results at scale.
"We actually work backwards from specific business outcomes we're looking to achieve," says Shri Santhanam, executive vice president and general manager of global analytics and AI at Experian. "Ultimately, ML [machine learning] and AI tend to be vehicles to get us to the ultimate goal, but really, what we talk about, what we share, what we drive with our customers is a better set of outcomes."
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September 01, 2020 at 05:00PM
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Transforming analytics into business impact - CIO
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