Companies are fired up to launch new products and services and advanced analytics is their fuel, according to PwC’s recent Global Data and Analytics: Big Decisions Survey. Out of the 2100 global executives we surveyed, 61% said that their companies are somewhat or rarely ‘data driven’ and still rely on descriptive and diagnostic analytics. What makes the difference between the companies that use data and predictive analytics capabilities to drive disruption and those at risk of being driven from the marketplace by those more adept at the data game? We strongly believe that the next generation of value creation through analytics will be fueled by enterprises that innovate and deliver analytics products and solution adopting the ‘platform mindset’– a set of five unique traits.
In part one of this two-part blog series, we will highlight the first two unique traits. Part two will discuss the remaining traits.
1. Multi-Domain, Integrated Approach
Companies fail to maximize the full potential of analytics when they organize their analytics initiatives, investments and resources as vertical silos around business functions namely sales, marketing, finance, supply chain, human resources, etc. The result is a plethora of tightly coupled analytics solutions that extract the same data sets multiple times and redundant capabilities attained through different technologies/tools and execution teams, which hampers integration. In stark contrast to companies that organize their data and analytics vertically, companies with a “platform mindset” take on an integrated, horizontal approach by connecting and coordinating data and analytics across business unit initiatives, investments and resources.
2. “Outside in” Participation
Besides supporting their internal stakeholders and functions for improving their core business, companies with a “platform mindset” think outside the four walls of their enterprise when it comes to value generation activities from its data and analytics assets. They include suppliers, end-users, potential consumers, suppliers to their suppliers, strategic partners and peers from adjacent industries etc.
In the next part of this blog series, We will continue to discuss the unique traits of enterprises that adopt the ‘platform mindset.’