Measuring the ROI of Datameer Spotlight
Business, revenue, and cost benefits from faster insights and collaborative analytics.
About the Measuring the ROI of Datameer Spotlight Ebook
In a 2018 study by Forrester Research, 37% of global data and analytics decision-makers ranked sourcing, gathering, managing, and governing data as it grows one of their firm’s biggest challenges for generating insights. A recent IDC study showed that 44% of a data worker’s time every week is wasted on unsuccessful activities, with 51% of the unsuccessful activities searching for data.
Datameer Spotlight is a virtual analytics hub that unites people, knowledge, and data for faster analytics and data science. Spotlight provides a single platform for analytics professionals to search and explore data and analytics assets, enrich and model data for ad-hoc analytics, and collaborate on and publish trusted datasets with colleagues.
Spotlight enables analytics teams to become dramatically more efficient, which provides tangible benefits to both the analytics team and the business.
How Spotlight Shrinks the Cycle
Speeds the discovery, exploration, acquisition, and modeling of data and analytics assets.
Increases Analytics Team Efficiency
No additional hiring. Efficiency improvement. More trusted and accurate analytic results.
Increases Speed & Volume
Generating more revenue and cost reductions. Faster returning results.
Increases Accuracy
Greater accuracy and detail. More actionable analytics results. Faster business actions.
THE ANALYTICS WORKFLOW
The emergence of self-service analytics and data science tools has enabled data analysts, business analysts, and data scientists to shorten their analytic cycles and reduce the time to deliver new insights. Yet, according to one leading self-service analytics tool vendor, even with advances in tools, it still takes an average of 5 business days to produce new results when the business asks new analytic questions.
Much of the time wasted in analytic cycles revolves around data-related activities. According to an IDC study, data workers (defined as workers who spend 90% of their work week on data-related activities) waste 44% of their time every week because they are unsuccessful in different activities. At the top of the list of time-wasting activities is searching for data
BUSINESS VALUE OF MORE ANALYTICS
The first way Spotlight brings value to the business is by delivering more analytics. A typical organization has a backlog of analytic requests. This happens because the analytic cycle is too long, and the analytics team is not large enough to keep up with the demand.
By way of a simple example, if you can shrink your analytic cycle from 5 person-days to ½ a person-day, then your team has the capacity to perform 10 times the analytics. Your backlog of requests probably is not 10 times your bandwidth, but it could easily be 3 to 4 times that which your team can handle.
A certain percentage of analytics results in positive business value for all the analysis performed – generating more revenue or reducing costs. If your team can meet the backlog, tripling, or quadrupling analytics output, then that means there are 3x or 4x more cases where the analytics helped produce more revenue or reduced costs.