BI Trends

5 Data and Analytics Strategies to Drive Your Digital Business

At MicroStrategy’s 2018 London Symposium, IDC AVP Philip Carnelley gave analytics professionals a look at the future of business: those who thrive in the new digital economy will be organizations that turn information into competitive advantage.

Carnelley, who leads IDC’s European research on enterprise applications and analytics, noted that 80% of large European companies now have digital transformation (DX) at the heart of their corporate strategy. IDC defines digital transformation as, “the approach by which enterprises drive changes in their business models and ecosystems by leveraging digital competencies.”

According to IDC’s European DX Survey, 43% of survey respondents said analytics was important or very important to their digital transformation strategy in 2017. For 2019, that percentage increased to 70%.

Carnelley offered five key strategies to drive a digital business through data and analytics:

  1. Embrace the cloud. By the end of 2018, IDC predicts five times higher growth in spending on cloud analytics versus on-prem solutions.
  2. Expect to leverage multiple data types and don’t over-focus on structured transactional data. By 2020, IDC predicts all effective IoT efforts will merge streaming analytics with machine learning.
  3. Evaluate where AI and advanced analytics can benefit your business. By 2020, IDC predicts 40% of all digital transformation initiatives will be supported by cognitive/AI capabilities.
  4. Ensure your organization is prepared for GDPR and leverage the opportunities it presents. IDC notes that 40% of enterprises will have failed to put adequate governance procedures and tools in place to meet the GDPR by May 25, 2018.
  5. Look into the potential of monetizing your organization’s data assets. By 2020, IDC predicts 50% of large enterprises will be generating revenue from the sale of data.

Listen to more insights and advice from Philip Carnelley:

 

Want to view more of the content presented at the 2018 London Symposium? Click here. For a guide on how to become an Intelligent Enterprise, click here. For more insights and advice from leading analysts and influencers, read 8 Enterprise Analytics Trends to Watch in 2018

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