Data is undoubtedly a valuable asset for organisations; however, there are many factors that can complicate the conversion of data into accurate and reliable information.
Meanwhile, business intelligence (BI) has evolved to become vital to informed decision-making.
Synergy, in partnership with ITWeb, recently conducted a BI survey to gain insight into the BI strategies ofSouth African organisations and determine answers to the question of Internet of things (IOT) analytics, as well as other types of analytics that are surfacing within the BI sphere.
The survey results were evenly split when respondents were asked whether their organisation analyses machine-generated data, such as IOT, with just under a third (29%) stating they do not because IOT is not relevant in their industry.
However, 26% of respondents indicated they do not analyse machine-generated data (IOT) but would like to in the future, and 22% stated they are in the process of developing IOT analytics.
"It is to be expected that IOT is not immediately apparent in many industries, but as almost everything we do becomes more and more orchestrated, the need to track, measure and analyse the movement of money, people and things, or the ability to enable better delivery systems or intercept fraud all lead to the need for more attention in the IOT space," says Gillian Staniland, data strategist at Synergy.
Data value realised
A third of respondents stated they do not have an explicit data governance strategy dealing with concepts such as data ownership, curatorship, security and quality. However, 61% cited they realise the importance of this strategy and indicated their organisation has a BI strategy in place.
A data governance strategy ensures data is treated and valued as a true data asset, comments Staniland on this finding.
"Without proper care and governance, it becomes very difficult for an organisation to trust data, understand what is available, and how best to monetise this asset in the future."
Data scientist shortage
A small percentage of respondents (17%) indicated their organisation does have a dedicated data science team and 23% said their company's data science is an extension of their BI/BA capability.
Staniland believes there is a great shortage of not only data scientists in SA, but also good business analysts.
"While there are good training and education opportunities to learn technical skills, the ability to interpret, analyse and derive relevant business impact from data remains an elusive trait in South Africa."
When asked if the respondents use business terms and calculations (metadata) consistently across their business, 43% said their use is partial and they do have a manually documented business glossary which aids in understanding and standardisation.
"Metadata, by its very nature (data about data), is the core to ensuring a good understanding of the source, meaning and usage of the data we generate," Staniland advises.
She goes on to say the old adage of turning data into information and knowledge is impossible with metadata.
"Often this 'metadata' is actually tacit knowledge gained by an individual through years of experience. The better this knowledge is formalised and shared, the easier it is for others to use and share."
Key component to success
The survey revealed that just under half (44%) of respondents said their senior management does understand and support their need to improve analytical capabilities, and their analytics function is well resourced and funded, and seen as a key component to the running and growing of their business.
Only 7% stated their management is "twice-shy" as they have previous failed BI initiatives which resulted in limited interest from executives.
Commenting on this finding, Staniland states any analytics effort is actually a change management exercise, where hopefully the metrics are used to drive improvements and growth in a business.
"A BI team alone cannot drive this change, and ongoing executive support is essential in moving past the numbers to taking action. Also, senior management involvement helps guide the BI team to source, clean and analyse the right data, helping to align BI projects with current business objectives."
Insatiable data need
The majority of respondents (76%) stated they are interested in further assessing and developing their current analytics ecosystem.
"Data volumes, speed of delivery, technical complexities and advancements in natural language processing, machine learning and AI all point to a capability that cannot stay static for long. An annual review and flexibility with a touch of ambiguity are the only ways to stay ahead."
Staniland believes that like most other technological developments, the need for business to have access to more and more data is insatiable.
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