It’s time business Executives realised this is the year to get your analytics in order, or be left behind business development. You can be sure your competition are looking into it, or are already using analytics, so can you afford not to? Decisions should be data driven – You have a hunch? That’s not going to fly in 2014.
Today we attended the Business Analytics Summit 2014 in London. The event joined Oracle partners, Oracle customers and Oracle themselves together to explore the future of business analytics and the benefits to businesses. The day was spent listening and discussing the latest trends in leveraging and sourcing Big Data for business improvement. It was a chance to hear how other Oracle users have made the most of their Oracle investment.
You can follow tweets from the event using #BASummit.
Paul O’Riordan, Head of Business Analytics UK & Ireland, Oracle, kicked off the day with the proposition that 2014 is the ‘tipping point’ for businesses; now the technology is available to truly give value to Business Analytics. It can and will continue to transform businesses.
Harness my Data
Nick Millman, Managing Director Digital, Data & Analytics, Accenture then took the stage. He started by expressing that Business Analytics shouldn’t be an afterthought, as it so often is when he first meets with clients. As you put in new business systems (ERP) and change processes Business Analytics should be considered from the very start of the projects. The value should be communicated at exec level within business.
Nick said by 2017 all analytical implementation will be using real time data. Now is the time for transformation. Data can come from ever-growing new sources, not just work forces but also through things like community crowd sourcing (He gave the example of Kaggle).
Data underpins all of these things. The challenge it to design and harness the data from the digital world. This can be achieved in three steps:
- Data ownership – Does your business have a Chief Data Officer yet?
- Analytical talent – There is a lack of specialist in the market
“@Accenture at #BASummit – There is a war for analytical talent. Do you grow in house or use a specialist solution provider?” @Provanis
- Decision making culture – Is the business data driven? It should be!
“Hands up at #BASummit – how many of your business decision are #data driven? <10% raised hands!!! Time to start changing attitudes”. @PippaGrayshon
Judge me on my results
Guest speaker, Sir Clive Woodward, then took the stage. He was there to give us a rundown of the DNA of a champion, adding in a few anecdotes along the way.
“Great teams are made of great individuals”
“An interesting parallel made by Sir Clive Woodward on Sports & Business – the underlying attributes of a true champion are talent and teach ability” Shefali Davda, Senior Consultant – Information Management & Analytics, Connectus
The DNA of a champion
The first thing Clive made clear was that talent comes first. You can’t make someone something they are not. You need a base of talent to build upon.
Woodward split down each of the levels needed to create a true champion:
||Sponge (not a rock)
*Passion for your subject, is what sets people apart. Marginal gains, innovation, individual responsibility also important but these come second to passion. A sign of passion is the capture and sharing knowledge. Business parallels with sport there.
**T-Cup (Thinking Correctly Under Pressure). A warrior knows the right decision in an instant. A champion shouldn’t come across anything they haven’t planned for. They should, perhaps with the help of a team, understand what could happen to prevent success. Decision making, change thinking, opportunities, trust – all attributes of a warrior.
“Winners perform at their best when the pressure is at its greatest.”
What struck a cord with me was his comment that; having an obsession is a positive thing. Understanding the detail – the details of everything. Being obsessed with what it is you are doing, and with beating the competition, can turn you into a champion.
“@CliveWoodward at #BASummit – Talent, learning, thinking and hard work – makes up the DNA of a champion #Obsession #Talent #TCup” @PippaGrayshon
Transform my Business Analytics
Rich Clayton, Vice President, Business Analytics Product Group, Oracle flew in from the US, to give a keynote at the event. Despite the very American references to baseball and farming in US, the crowd appreciated his enthusiasm for the difference Analytics can make to Business.
A few headiness from his presentation – You need for a clear strategy. Your solutions strength must be enduring – hardware and software together. Data is going to grow, so your IT decisions need to reflect growth. Your speed must be amazing to keep up. You need to be smarter than the competition – with predictive analytics.
“Proven $10.66 return on every $1 spent on analytics – @OracleAnalytics #BASummit” @Provanis
Rich explained there is a strong tailwind of technology trends – Oracle thinks 50+% of customers moving analytics to cloud in 2014. 12% of executives feel that they understand the impact data will have on their organisations – this need to increase. He highlighted the implications of big data, pulling references from Film, Money Ball and Oracle’s performance this year in the USA Cup.
Clayton said that very soon, CMO’s will spend more on data than CIO’s. He also announced that on Friday they will be launching a cloud solution for Hyperion. Their little valentines present to their customers.
Case study – United Breaks Guitar
A customer received bad customer service when flying with United American, when he found his guitar had been broken. He created a video that went viral with over 3 million views. Following this the company’s stock went down by 10% within four days. This demonstrates the power customers now have and the need to integrate analytics to protect and improve your business.
If you can get past the sales pitch Oracle was pushing today and get to the real crux of this issues, analytics can make a significant and positive contribution to any business. Find the right talent by utilising specialist services out there, such as Provanis – we know talented Oracle Business Analytics Professionals looking for their next challenge. Maybe your business transformation could be that challenge. We also have a sister company Connectus who can supply BI resource on a wider range of projects (non-Oracle).
You’re move – get in touch to see how we can support your business and ensure you are future ready.