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Actian Blog / Data Analytics is a Core Element Creating Business Value

Data Analytics is a Core Element Creating Business Value

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Valued assets

Organizational assets are defined as capabilities and resources. To be valued strategic assets, they have to contribute to the success of the organization. There is no business value contributed to an asset that does not have an understood return on investment (ROI) for the organization.

Capabilities can be defined as the ability, power, potential, or competence to do something or carry out an activity for producing a service or product. Examples of categories of capabilities are people, organization, process, knowledge, and management. Capabilities can be generalized or specialized. When specialized, they can create a unique advantage for an organization. For example, an organization can follow a standard industry process and achieve the same results as another organization, or the organization can improve on the standard industry process and achieve much better results by making the process specialized and more efficient.

Resources can be defined as a supply, materials that enable functionality, or the building blocks within an organization to produce services or products. Examples of resources are financial capital, infrastructure, applications, information, and people. Resources are drawn on to extract value for transformation into the needed product or service. Extraction of value has a direct relationship to the capability of the resource.

Valued strategic assets contribute to the organization’s success by supporting the effective, efficient, and economical delivery of products and services. Assets that do not contribute to the organization’s top and bottom line are liabilities and can contribute to organizational failure.

People driven

The most valuable assets in an organization are its people. People need to be enabled to perform at their highest level. This can mean investing in people’s capabilities, especially their abilities to make decisions rapidly and effectively. People deliver specialized capabilities for the organization in various functions. Each of the functions that people serve contributes to a business value chain for producing a product or service for consumption. People are enabled by a process, technology, and other organization capabilities, such as its management systems.

Although, people are directed with the process, procedure, and work instructions. Then further enabled with tools, technology, and automation. There remains lots of manual work. Manual repetitious activities performed by people need to be automated to improve organizational performance. Data is continuously processed. Information is extracted from data. With information, knowledge is obtained for decision support. Contributing to the manual activities exists in functional silos, not entirely integrated across the organization.

A team sport

Behind every organizational initiative is a person or team of people. We are still a long way from the age where machines and artificial intelligence can completely drive an organization. Also, if this was the case, there are still people enablements that have to occur for automated organizations.

Enablement of teams and people is improved with the proper management of data lakes. Data needs to be collected efficiently and economically for the end goal of enablement of decision support capabilities for the organization. Data automation increases people’s capabilities by replacing manual daily activities with time to think, learn, study, improve, and utilize the unique capability of a human that a machine cannot accomplish.

Experience and data

Experience is what builds expertise in people. Experience is not just the participation in an activity but includes the combination of empathy and analysis of the activity for improvement and evolution. The same applies to decisions for business innovation, evolution, and transformation. These things don’t just happen but happen when people have time to do higher-level activities. High-level activities are enabled to successfully manage data, information, and knowledge for organizational decision-making.

Simplifying data collection and analysis helps an organization understand customer habits and helps with predictions. Collected experiences interpreted by experienced people help us understand the customer in a way that machines cannot comprehend yet. Combining both as a capability and, over time, creates a unique capability for an organization with data and human decisions can improve overall service, product, and business value.

Accelerate the use of data analytics by assuring and addressing people collaboration and decision making across the organization. Improve real-time decision making by understanding how to enable people with actionable data and information.

Using the Actian Avalanche Hybrid Data Warehouse solution includes data integration and unique capabilities such as blazing fast analytics, real-time data ingestion, and an ability to deploy on-premise and across multiple cloud platforms, so you can combine your business experience and data to make decisions in the business moment.

 

About Pradeep Bhanot

Product Marketing professional, author, father and photographer. Born in Kenya. Lived in England through disco, punk and new romance eras. Moved to California just in time for grunge. Worked with Oracle databases at Oracle Corporation for 13 years. Database Administration for mainframe IBM DB2 and its predecessor SQL/DS at British Telecom and Watson Wyatt. Worked with IBM VSAM at CA Technologies and Serena Software. Microsoft SQL Server powered solutions from 1E and BDNA.