Every passing day more and more organizations are investing more and more resources in acquiring a stronger analytics strategy for handling their big-data. Certainly a great move if done right. So, when everyone is focusing on analytics, why not start thinking about building it as a competitive advantage?
In a recent research conducted – 96% â said that analytics will become more important to their organizations in the next three years, according to a Deloitte report based on a mix of 100 online surveys and 35 interviews conducted with senior executives at 35 companies in North America, the UK and Asia.
With increased hype around big-data, analytics is already a crucial resource in almost every company but it has still lot of room for improvements. Like every new technology, lot of communication channels needs to be established, loads of buy-ins needs to happen and charter needs to be approved and budgeted. But world is moving there. So, why not rethink about the current analytics strategy and build it to provide a sustained competitive edge over the long term to help business stay competitive and ahead of the curve against other competitors?
No, itâs not a rocket science nor it is extremely difficult to do. All it requires is a roadmap, consistent deployment and frequent iterative executions. As a roadmap consider following 5 steps to pursue the organization to the road of analytics driven competitive edge.
Acquire the resources: Getting the magic team, the infrastructure, partnerships, and right relationships to get going on data analytics journey is of utmost importance. As the big-data hype is hitting the market, resources are in great demand, so securing the right mix that could build your analytics business is important and every effort should be made to make sure you acquire right resources. Getting an early head start will go a long way in ensuring timely delivery of analytics framework when the business needs the most. How those resources needs to be acquired is another topic for another blog, but getting yourself prepared to hire is important.
Build analytics across business verticals: Once you have right resources needed to build analytics framework, next step is to make sure analytics frameworks encapsulates various business verticals. Financial department is most used to having some analytics platform. Other departments like marketing, customer, sales, & operations should also be used for capturing data that will further be analyzed for more insights and findings to help business understand the data and insights mores. Not necessarily the more captured data translates to better insights, the quality of data plays an important role. But at start it is difficult to find out the quality of data, so in case of missing information on importance of data fields, the more data we capture the better we get at covering the most of the business through analytics.
Utilize analytics for decision-making: Getting good data and better insights does not necessarily translate to better decisions. The processes need to be deployed that could leverage insights through analytics and account them into decisions made by businesses. A data backed decision tends to work with more accuracy than without it. Decision quality increases with more quantified backings. Analytics driven decision-makings should be done at not only the high business levels but also at the level of front-line workers dealing with customers directly.
Coordinate and align analytics: Another important thing to note here is that often times analytics does not have a clear head or vertical that causes quality issues, lack of ownership and inefficiencies in the system. There needs to be a better coordination charter built and approved to make sure all the stakeholders and processes contribute to analytics framework for its effective functioning. This should also include a clear communication of roles and interactions across various groups and approved processes.
Create a long term strategy: With right infrastructure, laid out communication charter, well managed processes & right utilization of findings the businesses will start using analytics proactively to help create a competitive edge based on findings. One thing that needs to be considered is building it for a long-term strategy. Having a long-term strategy will provide a consistent and sustained roadmap for strategy execution. It will also spread some light on how to view data on long term basis and how to better shape it for faster learning and effective analytics.
So, covering for all the above stated 5 steps will provide for a framework that energizes organizations with state of the art competitive edge that is based on core data and analytics. If done effectively, the data & itâs analysis will provide for an effective learning system that sustainably provides relevant insights in real-time for faster execution.