Lucker: Build a single version of the truth with analytics, market research

DECEMBER 29, 2011 – Market research and data analytics play a major role in determining who should be targeted in a marketing campaign or what the next step should be in a business strategy.

John Lucker of Deloitte Consulting writes for Search CIO that building a “fact-based business analytics culture (is) a wise business decision” when considering all the security threats, regulations, economic crises and financial scandals that have unfolded over the past few years. In order to make sure everyone in the enterprise has that kind of attitude, companies will need to take a few steps, he says.

Lucker first suggests verifying that all the data an organization collects is properly managed and governed to achieve a “single view of the business analytics truth.” Basing long-term decisions on errors can create complications down the line, so gather all the data in one place and set up policies and procedures for regular cleansing of records and computer files.

Having the right employees who can process the data and turn it into something that is useful to and actionable for the company will be vital.

However, that step may be more easily said than done. Research from McKinsey Global Institute shows that there will be a “50 to 60 percent gap between the supply and demand of people with deep analytical talent,” TIBCO’s Spotfire Blog reports.