Data analytics to become core business function in 2021: Here’s how organisations can adapt

Global research and advisory firm Gartner anticipates that by 2025, around 80 per cent of data analytics governance initiatives that focus on business outcomes will be considered as an essential business capability. Over the years and more so amid the pandemic, organisations across all spheres of business have come to realise and acknowledge the importance of data. However, with its growing need, so do the complexities associated with it and therefore, business leaders are required to bring a shift in their attitude and practices.

Experts at WGD Analytics are of the view that bringing data experts on board can help in setting the business direction and goal on the right path. While many business leaders have been taking responsibility for data analytics-related operations, with many of them being data illiterate, they are more likely to err and miss out on strategic business opportunities.

In addition to this, organisations can also build a balanced and collaborative model for data analytics. For instance, at WGD Analytics, we join hands with enterprises from various sectors and analyse those data that they entrust us with. From security to social media analytics and instant visualisation analytics tool, our products are suitable for all kinds of business purposes. However, if outsourcing is not an option, companies can look towards growing the size and reach of their in-house analytics team.

With several new-age technologies emerging, it becomes crucial that the team is equipped with the right skill and knowledge for leveraging them. More importantly, they are required to think of themselves as business leaders in their enterprise to bring about meaningful change within the organisation.

Above all these, Angelic Gibson, CIO, AvidXchange, opined that infusing clean data into business operations by leveraging AI and machine learning can prove to be a game changer for companies.