Why You Should Invest in Your Analytics Capabilities - InformationWeek

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2/1/2017
07:00 AM
Jessica Davis
Jessica Davis
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Why You Should Invest in Your Analytics Capabilities

Analytics are strategic, can create value, and should be earmarked for increased investment. Now is not the time for cuts.

There's nothing that says Happy New Year quite like corporate budget cuts. Sure, after December holidays and taking a hard look at where you succeeded and failed over the past year, it may be time to make some changes.

But cutting the analytics budget is probably the worst place to start. As Jon Carter's most recent cartoon shows, it's not time to equip your best and brightest team members with an abacus.

Let's be realistic here about analytics benefits, which are huge, by the way.

First, if budget cuts are necessary, analytics can help organizations get to the root of where they will hurt the least. Second, analytics can provide a competitive edge against digital upstarts that may be making inroads in your industry. Third, by leveraging analytics, teams within the organization can create value and add to revenues and profits.

So it's not a surprise that many companies are wisely looking to increase their investments in analytics, even if the C-suite at the company doesn't quite understand how analytics are contributing to value. Maybe that's because there is plenty of opportunity that remains untapped across a wide range of industries and practices.

And that's why cost cutting for analytics right now is seriously a short-sighted decision. Is it wise to scale back investment on the future of your business? Do you risk leaving gaping openings for your competitors to exploit if you don't invest in analytics today? Are you leaving money on the table when it comes to revenue streams you could be collecting and customers you could be winning? Don't be that guy.

As depicted in Carter's cartoon, don't put that sad, disillusioned expression onto the face of one of your most highly valued employees. Give him the tools he needs to make you money.

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