Analytics

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Big data and associated technologies have enormous potential for positive impact in the United States, from augmenting the sophistication of online interactions to enhancing understanding of climate change to making advances in healthcare. These efforts, as well as the technological trends of always-on networked devices, ubiquitous data collection, cheap storage, sensors, and computing power, will spur broader use of big data. Our challenge is to support growth in the beneficial use of big data while ensuring that it does not create unintended discriminatory consequences.

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There is a fundamental change underway in how analytics software is evaluated, purchased, and ultimately used. The days of IT-led analytics purchasing are gone, as business leaders are demanding more agile and exible insight to speed and improve the decision-making process.

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Many companies today have relegated their sales organizations to the end of the line of data intelligence and technology investments. However, as markets and customer buying behaviors continue to change, sales departments that aren’t armed with sufficient analytics and technology capabilities won’t be able to keep pace. And a decisive majority of companies—approximately 70 percent—are in this predicament, according to a Harvard Business Review Analytic Services study.

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Business and IT leaders are boosting investment in advanced analytics, which can address business problems and provides business benefits far beyond conventional BI. We provide perspective into this complex, fast- moving eld by breaking it down into seven key chapters.

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Business and technology are experiencing a convergence. Data and analytics leaders are central to any high-performance digital organization. Organizations cannot differentiate themselves from their competitors with technology alone; in fact, no present-day business of any kind can operate without technology — hardware, software, networks and applications are central to our professional and personal lives. So how do companies achieve competitive advantage in today's business environments? Basically, they must use data, information and analytics more simply and more effectively. If we don't develop the new strategies, skills, roles and methods to manage and analyze data, we will be overwhelmed as organizations and individuals. We will be drowning in the seas of data that we have created, unable to separate truth from fiction, and unable to make decisions with confidence. Information is power, but that power can be destructive as well as creative.

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The McKinsey Global Institute (MGI), established in 1990, is McKinsey & Company’s business and economics research arm.

MGI’s mission is to help leaders in the commercial, public, and social sectors develop a deeper understanding of the evolution of the global economy and to provide a fact base that contributes to decision making on critical management and policy issues.

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This document provides business intelligence (BI) and analytics platform evaluators and decision makers with a comprehensive set of criteria for assessing modern BI and analytics platforms. The document can also be used to assess current deployments and to support RFP initiatives.

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Customer analytics is not just about segmentation strategies for acquisition, cross-sell and retention. Executives responsible for customer strategy or analysis should also learn from thought leaders in multiple industries about other styles of analysis.