When implemented correctly, a strong data analytics capability makes companies much more likely to increase revenue by 10% or more. Bharat Bansal, a partner with Bain’s Information Technology practice, shares four things to keep in mind when investing in data analytics.
Read the transcript below.
BHARAT BANSAL: True leaders in data and analytics capability invest broadly to build a robust platform for the business. What we've seen, these true leaders are able to make decisions much more quickly. These decisions are much more effective. And they are three times more likely to have 10%-plus revenue growth.
When you think about these investments, there are a couple of things to keep in mind. First of all, these investments have to be focused on the strategic priorities for the business. There has to be a strong linkage between the business and IT. You have to make sure that as you build this out, it's not built in one step, but you take an agile methodology to continue to refine and iterate the solution. And finally, you have to take an enterprise-wide view when making these investments.
Making heavy investments in data strategy is not enough. You have to ensure that your approach is comprehensive and that these investments are strongly linked with a clear data strategy. To get the best shot at achieving your full potential, it's important to reboot your data strategy.