In India, we can see that some companies perform outstanding while others are simply struggling to survive. What’s to it improved a particular company’s performance, but others are missing that essence! According to experts, that factor is “Analytical Capabilities.”
There are a lot of companies that work hard but do not get profited in the same way. Because they cannot know where to work hard and where not, their effort goes unexpectedly and does not ensure much profit.
The gap between business priorities and performance can be easily bridged with the help of analytical capabilities.
According to research, the main business priorities of Indian companies are new product development, customer experience, cost reduction, etc. We can see the enormous gap in these areas also. I mean, these areas are also facing gaps between priorities and performance.
When it comes to taking proper measures to conceal these gaps that are affecting the overall productivity and growth of the organization, we can see the lack of use of analytics.
Analytics are the best sources to measure the actual progress of the company. Without accurate analytical reports, planning an effective business strategy is not possible. Only 4% of APAC enterprises have a high analytical maturity.
These APAC enterprises have top business analytical experts, and they tend to outperform their peers across all-important business priorities such as business model innovation, cost reduction, new product development, and market expansion. This percentage is very low and needs quick improvement.
To recover this area, IDC (International Data Corporation) has designed a unique framework to measure the fixed point of an organization against mainly four key dimensions: data, strategy, workforce, and process.
The framework perfectly suggests how the journey should be to be the analytics expert in strategy, force, data, and function. Isn’t it amazing?
The pandemic has boosted the digital expertise in many organizations from various industries. Such a boost is beneficial in the analytical area also. Companies have started to understand they need to work more on this area. Those days are gone when guessing games used to play in strategy creation, but no more extended companies are willing to do that. APAC countries are concentrating more on analytical expertise and improving the overall scenario.