Welcome!

Machine Learning Authors: Yeshim Deniz, Zakia Bouachraoui, Elizabeth White, Pat Romanski, Liz McMillan

News Feed Item

Five Steps for Businesses to Turn Data into Dollars

ICC Says Organizations Need to Focus on Business Value of Data Analytics Initiatives

COLUMBUS, Ohio, Aug. 20, 2014 /PRNewswire/ -- Most companies today have little idea how to turn data into dollars – let alone turning big data into big dollars. Yet most companies still want to capitalize on the promise big data holds for insights into opening new markets, acquiring new customers and retaining existing ones. The question is: "How?" ICC, the Business and IT Solutions company that correctly predicted the 2014 Oscars and designs collaboration solutions for today's workforce, has outlined five steps that can help organizations avoid being part of the estimated 70 percent of companies that fail to achieve business value projected from their big data initiatives.

Photo - http://photos.prnewswire.com/prnh/20140820/137883

"Any major technology initiative by your organization demands a sound strategy aligned with your business goals," says Steve Grover, VP of Business Analytics at ICC. "It is not simply the latest shiny object to be enjoyed for a while, then, tucked away discreetly when it doesn't fulfill expectations that were never properly defined."

Five Steps for Businesses to Turn Data into Dollars
Grover offers some guidance for IT and line of business professionals when looking to extract value from their data initiatives.

Step One: Find the right business case
Data analytics is all about measuring and monitoring and, based on what you learn, making changes to the way you do business.  "If you are not willing to make necessary changes based on what you learn from the data, then you have the wrong business case and you will be wasting your time," says Grover.

Step Two: Assemble the right team
If you think of analytics as a football team then it requires an owner, a coach, a quarterback and a center.  The rest of the team forms around this nucleus.  The owner is the primary business sponsor and must be a VP or C-level executive.  The coach should be a consultant or firm that specializes in analytics.  The quarterback is a line of business person who has the expertise to keep the project focused on business outcomes and the center of the line is held by IT.  The coach works on a daily basis with the quarterback and the center to produce an effective outcome.

Step Three:  Get the requirements right
There are three critical sub-steps to gathering requirements effectively:  First, understand the business questions and the metrics (and associated dimensions) required to answer those questions.  Second, prototype and validate that the solution will answer the questions to achieve the benefits.   And third, make sure the data required for the production solution is actually being captured by the source system!

Step Four:  Build incrementally
The days of being handed $2 million and waiting a year for results are over.  New analytic capability should be delivered on an ongoing basis – every 3-4 months minimum.  "If any of your partners suggest otherwise, it may be time to make a change on the team," says Grover.

Step Five:  Begin with the end in mind
Analytics solutions are living processes, the more changes and additions requested of an analytic solution, the healthier it is and the more valuable it becomes.  Conversely, if no one is requesting changes the solution is likely dead – perhaps because no one is using it.  "If you begin with the end user in mind, asking 'Who is going to be using your data?', 'Who is going to benefit from it and how?' the project will be much more successful," says Grover. "Remember that data is not, in itself, a solution, but a tool that enables the solution."

Want to Learn More?

About ICC
ICC (Information Control Company), based in Columbus, Ohio, is a leading provider of enterprise technology solutions. With a staff over 500 highly trained consultants, we are experts in Strategy, User Experience, Visual Design, Engineering, Project Management, Business Analytics and Quality Assurance. Using these skills, we develop and deploy innovative, business-critical solutions that enable Fortune 500 and mid-market organizations to improve operational efficiencies. Our Business, Digital and Technology solutions give our clients a competitive advantage that helps them drive revenues and increase margin.

Farsite, the advanced analytics division of ICC, specializes in helping companies use Big Data and predictive analytics to empower smart business decisions, solve their toughest challenges and gain a distinctive competitive advantage. For more information visit www.FarsiteGroup.com.

Clutch is a world-class digital ad agency inside the walls of ICC. Together, they're a collection of seasoned strategists, user experience specialists, writers, art directors and developers who specialize in the art and science of interactive conversations. 

ICC is a Microsoft Gold Certified Partner and an IBM Premier Business Partner. ICC is committed to serving its clients, community and country by developing U.S.-based leaders who work hard to strengthen the American economy. More information is available at http://www.icctechnology.com.

Media Contacts:
Theresa Hodgson
ICC
[email protected] 
614-523-3070 x106
http://www.icctechnology.com/

Rich Mullikin
Communication Strategy Group for ICC
[email protected] 
866-997-2424
www.communicationstrategygroup.com

SOURCE Information Control Company

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

CloudEXPO Stories
ClaySys Technologies is one of the leading application platform products in the ‘No-code' or ‘Metadata Driven' software business application development space. The company was founded to create a modern technology platform that addressed the core pain points related to the traditional software application development architecture. The founding team of ClaySys Technologies come from a legacy of creating and developing line of business software applications for large enterprise clients around the world.
DevOpsSUMMIT at CloudEXPO, to be held June 25-26, 2019 at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is correlated with 20% faster time-to-market, 22% improvement in quality, and 18% reduction in dev and ops costs, according to research firm Vanson-Bourne. It is changing the way IT works, how businesses interact with customers, and how organizations are buying, building, and delivering software.
Most modern computer languages embed a lot of metadata in their application. We show how this goldmine of data from a runtime environment like production or staging can be used to increase profits. Adi conceptualized the Crosscode platform after spending over 25 years working for large enterprise companies like HP, Cisco, IBM, UHG and personally experiencing the challenges that prevent companies from quickly making changes to their technology, due to the complexity of their enterprise. An accomplished expert in Enterprise Architecture, Adi has also served as CxO advisor to numerous Fortune executives.
Automation is turning manual or repetitive IT tasks into a thing of the past-including in the datacenter. Nutanix not only provides a world-class user interface, but also a comprehensive set of APIs to allow the automation of provisioning, data collection, and other tasks. In this session, you'll explore Nutanix APIs-from provisioning to other Day 0, Day 1 operations. Come learn about how you can easily leverage Nutanix APIs for orchestration and automation of infrastructure, VMs, networking, and even backup/DR. We'll review available APIs and conduct live demonstrations of integrations and the automating common IT tasks.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogger and is a frequent speaker on the use of Big Data and data science to power the organization's key business initiatives. He is a University of San Francisco School of Management (SOM) Executive Fellow where he teaches the "Big Data MBA" course. Bill was ranked as #15 Big Data Influencer by Onalytica. Bill has over three decades of experience in data warehousing, BI and analytics. He authored E...