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Dangerous Misconceptions About Analytics

By SiliconIndia   |   Thursday, 11 October 2012, 10:48 Hrs
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Bangalore: Analytics is infamous for its reputation as the truant child in the Technology family. Its adoptability is increasing slowly, although many companies still consider it to be unnecessary and expensive. Paul Van Der Linden, Senior Manager of BI and Analytics at Accenture has written a tongue-in-cheek write up indirectly busting the common analytics myths on Accenture - BlogPodium.  Besides being a good read, it serves the purpose of highlighting the misconceptions that have a crippling effect on the growth and strategy of an organization. Take a look at some of these notions:

1. Tough times ahead. We can’t afford analytics: This is one of the most self destructive notions. If your company is struggling with financial problems, it is time to analyze where the money has been misspent and know where to invest so that you can get through tough economic conditions.

2. Analytics is an unnecessary investment: Analytics is not going to be an optional investment in the future. If your consumer preferences shift or if there are technologies that are going to change the market scenario, you will need to know about it and take preemptive measures. Analytics will be your biggest aid for this.

3. Analytics can come later: Many businesses are operating perfectly well without BI. However, it is imperative to note that they may not be able to retain a competitive edge without making use of analytics. It takes time and resources to understand how best you can use analytics for your organization. IF you start early, you won’t fall behind your rivals.

4. Analytics is not helpful for my domain: Look everywhere and there is data to be analyzed. In sports, hotels, fashion, law and healthcare; data and its analysis have become indispensable. Consumers today keep themselves updated about trends online and if they like or dislike a product, they voice their opinions using social media. To know what you are doing wrong and to know what you are doing right, you need analytics.

5. Analytics is the Bieber of technology: Remember the year 2009, when the world thought that that a certain young musician would prove to be a one hit wonder. It’s 2012 and it is safe to say everyone was proved wrong. Drawing parallels between a popstar and an important business trend might seem like a long shot but the point to be highlighted is this: Analytics is here to stay. You can use it to get ahead or watch as your competition gets ahead of you.

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