Analytics September 18, 2023

Embrace Analytics to Facilitate Change

by Barry P Chaiken, MD

In 1995, Nicholas Negroponte, head of the MIT Media Lab, wrote a book titled Being Digital. In it, he explained in simple detail how moving from an analog to a digital world would supercharge communications technology and open pathways for new products and services. Now that the digital age is with us, successful companies must adapt and use “data exhaust” from these digital products to better manage their organization. According to Gartner, 80% of organizations are at risk of going out of business because they fail at analytics. And research by IDC suggests that laggard companies are not transforming fast enough while leading competitors plan to invest over $3.4 trillion in analytics projects by 2026.

McKinsey, the company that coined the term “data exhaust,” reports that failing organizations do not have the people or skills to be successful. In addition, these companies fail to integrate new data that provides insight into business outcomes.

Presenting actionable, easy-to-understand data within staff workflow has the highest probability of positively impacting decision-making and desired outcomes.

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