Advanced offers top tips on adopting analytics technology Thursday 29 October 2015 PDF Print Forward-thinking organisations are increasingly turning to analytics technology to transform data into actionable insight. By analysing structured data (financial metrics, customer satisfaction ratings, response times to issues etc) and unstructured data (mentions on social media, instant messaging etc), businesses can enhance decision-making based on reliable and timely information instead of relying on instinct. Despite this growing trend, *research has highlighted that just 8% of businesses have fully implemented predictive analytics software across their organisation compared to 41% who are using the technology in isolated departments. Simon Fowler, Managing Director, Advanced Business Solutions (Commercial division), comments, “Businesses need to think seriously about their long term investment in analytics. By taking some simple steps they are more likely to overcome barriers to adoption and gain powerful insights which deliver tangible benefits throughout their organisation.” Here, Fowler gives his top tips to help businesses overcome internal scepticism and successfully implement analytics technology. 1. Get the basics right first – Before implementing new technology, establish what data is available, which format it is in, and who owns it to determine whether it can be used. Without solid data management foundations to build upon, organisations will be unable to capture the value from analytics and provide efficiencies. 2. Keep historical data – Many organisations make the mistake of discarding data because they don’t understand or foresee a business case for it. Even if the potential value is unclear, historical data should always be kept as the likelihood is it will eventually become part of a bigger solution in the future. 3. Understand the return on investment – Purchasing analytics software requires a clear strategy which outlines how it is going to be used, what the benefits are and how they will be quantified to engage staff with the results. Unless senior executives understand the value or anticipate a return, they will not decide to invest. 4. Establish a proof of concept – Demonstrating the power of analytics convinces others that it can help to drive actions with tangible outcomes. Developing a proof of concept provides an opportunity to use existing data to test hypotheses of interest against a business’s KPIs. For example, making a link between management quality and sales could highlight the need to act on fresh insight. 5. Make it a business-wide investment – Many organisations view analytics primarily as a tool for formulating strategy and marketing departments. However, the technology presents transformative opportunities for nearly every business function including finance, operations and HR. Given that no department acts in isolation, organisations stand to gain huge benefits by making analytics a business-wide investment. 6. Gain access to the right skills – Employ staff with high numeracy skills who are comfortable analysing large volumes of data, but can also understand the relevance to wider business issues. Organisations should look at their existing people and decide whether they possess the necessary capabilities, or if they need to look externally to fill the skills gap, to move analytics forward. 7. Focus on timely information – Acquiring timely insight is arguably more crucial than having 100% accurate data to realise the benefits of analytics. Obtaining perfect information six months late will lose much of the intended impact, so it is better for businesses to have immediate access to analytics to enable them to quickly do something with it. Fowler adds, “Modern analytics technology can be used in ways that businesses may not have thought possible to improve operational efficiency, enhance decision-making and realise significant financial cost savings. This is supported by the ability to predict future trends and better explain why something has happened in the past, helping them to get ahead of their competitors.” -ENDS- Notes to Editors *Research carried out by Source for Consulting following a survey of 297 executives from UK mid and small-sized organisations in December 2014. About Advanced Business Solutions Advanced Business Solutions (Advanced) provides leading integrated business applications and services that enable public, private and third sector organisations to retain control, improve visibility and gain efficiencies whilst continually improving corporate performance. Advanced prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs. Advanced’s software systems comprise core accounting/financial management, procurement, supply chain management, human resource, payroll and customer relationship management systems. These systems are integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of front and back office departments. Management information systems for school and academies are provided through Advanced’s subsidiaries, Advanced Learning and Compass Computer Consultants. Advanced also provides specialist vertical solutions for the not-for-profit, sports, arts, live events and legal markets. All solutions can be delivered as a managed or bureau service. Customers are from both the public and private sectors and include Companies House, Newcastle City Council, NHSScotland, Norfolk Constabulary, Edge Hill University, WH Smith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, Liverpool FC, Goodwood, CIPD and RSPB. Advanced Business Solutions is a division of Advanced Computer Software Group Limited, a leading supplier of software and IT services to the health, care and business services sectors. In 2014, the Group won Tech Company of the Year in PwC’s UK Tech Awards. Advanced was also ranked in the Deloitte UK Fast 50, which recognises the 50 fastest growing technology companies in the UK and ranked in the top 300 technology companies in Deloitte’s EMEA rankings. http://www.advancedcomputersoftware.com/abs/ Press Contacts: Angela Mycock and Ben Carey, Advanced Computer Software Group email@example.com +44(0)1625 856 513 This press release was distributed by ResponseSource Press Release Wire on behalf of Advanced in the following categories: Business & Finance, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.