Growing Need For Data Analytics
Data analytics is gaining on the list of priorities for CTOs as well and has been highlighted in recent IT media publications. According to Forbes, it is one of the top 10 digital transformation trends for 2020.
“Companies that still aren’t investing heavily in analytics by 2020 probably won’t be in business in 2021. There is simply far too much valuable customer data to be collected, processed and turned into insights for any company to remain competitive without making full use of modern analytics tools.”
In addition, Information Week recently highlighted the top 10 data analytics trends in 2020 and provided an insightful reason of why they were doing so.
“Data and analytics have become key parts of how you serve customers, hire people, optimize supply chains, optimize finance, and perform so many other key functions in the organization.”
Some additional reasons for the gaining focus on data analytics in 2020 include:
Increased focus on regulation. Businesses are under intense pressure not only to comply with the requirements established but also to understand the impact on current and future operations. Data analytics is a critical component to delivering on that need. One example industry leaders have highlighted is the California Consumer Privacy Act (CCPA) which is now in effect.
Growing focus on machine learning. Machine learning tools can help extract business critical insights only with access to the right level of data. The more machine learning being deployed, the more complex data requirements are needed.
Increased need for real time data access. This is needed for various parts of the business including finance, operations, marketing and more. Monthly data updates will no longer help organizations stay competitive.
The Data Analytics Challenge
However, to be able to deliver on the need for improved data analytics, you need to aggregate your data from disparate systems and provide tools to analyze the data – not a small step for larger enterprises. With the proliferation of data collection sources and increased unstructured data types such as video, the challenge becomes even more daunting.
In addition, many companies take on the data analytics challenge from a technology perspective. Instead, you need to start by modeling a business problem you are trying to solve and then filling in the analytic pieces that address that business problem.
HealthPartners Case Study: Data Analytics For Improved Campaign ROI
HealthPartners is a large medical insurance provider which worked with Valtira to move from monthly batched data updates to a more real-time solution to improve results of their marketing campaigns.
The Need: Data lived in siloes and was being manually batched on a monthly basis. The company needed to aggregate marketing data to enable improved decision making and campaign performance by Marketing Strategists.
The Solution: To solve this challenge, the company selected Valtira to architect, setup and automate the integrating of data between disparate marketing systems via Amazon Web Services (AWS). The solution was integrated into the Adobe Analytics API for access by marketing team members.
The Benefits: The system has been deployed and the organization is benefitting in the following ways:
- Reduced man hours needed to manually aggregate data.
- Fresh data now is accessible on a daily basis versus batched monthly.
- Marketing Strategists can analyze campaign performance more quickly and real-time.
- The system can extend with new data sources as needed with limited IT resource needs.
To learn more, read the complete case study here.
If you are in need to focus more on data analytics in 2020 to gain similar results as our clients, Valtira is here to help. Let us know if you would like to discuss this topic further.