As speculation continues to gather about the outcome of the UK’s Brexit negotiations, the business community remains unclear about what the UK’s impending departure from the European Union will mean for companies next year. Alongside this, digital disruption is shaking up traditional working models, and companies are becoming more aware of the need to make major IT investment decisions, to maintain their competitive edge.
These are uncertain times for business leaders. Against this backdrop, the important role of analytics to drive insights, efficiencies and smarter decision-making could not be clearer, yet many companies are still lagging behind in this area.
 The road to a data strategy
Business intelligence tools play a critical role in helping companies large and small to gain better insights into data. Increasingly these tools and their associated strategies are the cornerstone of good financial data management and essential for delivering accurate planning, reporting and forecasting. It’s time for business leaders to start a serious conversation about their company’s data analytics strategy to prepare for the challenges ahead.
One of the main reasons for this is that data is now everywhere and can be used to power all aspects of the business infrastructure. Across sales, marketing, finance, IT, and procurement to name just a few, data on purchasing, processes, performance and customer preferences is easily available and incredibly valuable when correctly analysed and interpreted.
Big data is now also a big business, with recent research indicating that big data and data analytics will be a key pillar to the future of the UK’s digital economy. The industry is expected to add £241 billion to UK GDP by 2020 as well as creating 157,000 additional jobs, according to official figures from industry body, techUK. Companies have expressed great interest in the technology, but there is still slow progress around implementing more sophisticated programmes.
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