Question

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Money is often seen as a barrier to why companies have not started using data analytics software. So, what are the barriers keeping companies from utilizing the software that has proven to pay for itself in relatively short periods of time? The software has allowed companies to gain insights and create decisions based on big data analytics.

Companies that want to gain insight in forecasting successfully must effectively use data analytics software, and not focus on cost. The software can take data and create usable information that will drive sales and understand the movement of inventory and the buying powers of consumers. Companies cannot restrict their growth because they are unable to dismantle information when the software is available to process the data. New technology cannot be a barrier, because of lack of training because often in-house IT employees are capable of understanding new software/data systems that are already part of their staff.

The barriers of people, technology, and processes can limit a company’s growth, and finding a way to bypass these obstacles should be a focus of company executives if they want to grow and expand their business. Leadership often become barriers when presented with new ideas and changes in the workforce. Technology can be a barrier when companies are hesitant in making changes, often relying on existing legacy systems that are outdated and not able to process data. Company leaders and executives must understand that the way data is often processed underutilized and can often be overlooked, especially if only partial information is being analyzed. Any of these barriers can create hesitation for company executives to invest in new data; if the adoption of the current data analytical systems was not producing an output that increased sales or the operation of a company, why would an executive want to invest in new software.  

Company executives must understand that technology is continuously changing and that creating a system that can communicate with both suppliers and vendors is essential in the growth and development of its operations. Understanding the importance of having a competitive advantage and using the Buy, Make, Move and Sell lever; should remove the hesitations of using analytical data and drive companies to invest in their future with the new smarter software.

Answer 1

answer-

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Response to comments-

I agree with your point that Many companies often ignore implementing data analytics because it cost them money. From purchase of data anlytics software to training and maintaing. all involve cost or money going from the company.I would say that they must also consider cost benefit analysis that data analysis bring more benefits than cost.

I agree with what you said that Company can gain insight from data because data is raw and not valuable but data analytics helps companies to process and get relevant information. This information help companies to make decisions like launch of new products, promotion etc. We all know about netflix but do we know that data analytics is the main system which help netflix to make decision that what series should be renewed to cancelled.

Leadership should play important role because if they are unable to make or accept change then employees will be reluctant to accept change. Leaders like CEO should remove old tradiational ways of data anlysis and implement new data analytics software to benefit the organization.

I agree with your view that Company's executive must know and understand that tech is dynamic in nature but it is also a factor which no company can control so they must adapt and use it to their competitive advantage. They should consider data analytics as investment to make company and its people more effective and efficient.