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In the previous article in the analytics series, we introduced the next disruptive innovation in data and analytics and the importance of getting ready for it. But how? In this article, I will share what I believe to be the biggest misunderstanding about launching your data and analytics effort. I will also introduce the “Question-to-Value” approach to help set you on the right track for deriving value from your data faster.
No trend in the past 10 to 15 years has created as much buzz as big data and analytics; these initiatives have climbed to the top of the C-suite agenda for many organizations. According to the Harvard Business Review (https://hbr.org/2012/10/big-data-the-management-revolution), companies that inject big data and analytics into their operations show productivity rates and profitability that are 5% to 6% higher than those of their peers. And Forbes found that analytics have been successfully used to improve pricing, and promotions to optimize 6% or more increase in revenue.