In a previous blog, I outlined how context matters, and specifically how the industry context in which you are doing business matters to the strategic decisions you make. But there are also commonalities across industries. Some business challenges plague multiple industries such as how to improve customer experience, retain loyal customers, and improve sales whether in the retail or hospitality sector, or how to get the inputs you need to make your products and to get your products to market in a timely manner in the manufacturing or pharmaceutical sectors. And, everyone these days is increasingly concerned about fraud, risk and security.
Our recent report, Breakout Vendors: Domain-Specific Insights Service Providers, profiles three insights services providers that help companies with challenges from customer experience to risk mitigation to supply chain optimization, demonstratrating that domain context matters.
Insights-driven businesses are the future. The path to becoming one is not just about mastering advanced technologies but also about developing internal competencies, creating a new insights-driven culture, and partnering to complement internal resources. Insights service providers are poised to fill that void and help customers address age-of-the-customer challenges. Decision-makers in all industries and across all domains must understand and take advantage of the opportunities available. Keep an eye out for those providers who not only provide the software but complete the full insights services cycle – from business problem through data and analytics to insights implementation.
Our research shows that most companies have trouble keeping up with the fast-moving trends in data and analytics. And, that more than half of companies are now turning to insights service providers to make sure they stay on the cutting edge. Those who do report that they are more likely to be able to access the insights they need and apply them to operational processes in a timely manner. Not surprisingly, they are also much more likely to be satisfied with their analytics practices. Yes, context matters, but results matter more.