White Paper:What the Heck is an Analytics Strategy?
And Why Do You Need One?
Many analytics projects flat out fail, others go over budget, over schedule and end up not delivering the promised business results.
A Program, Not a List of Point Solutions
The ultimate measure of the success of an analytics initiative is the resulting business benefits. To realize these benefits one has to apply the analytics to decision making, to improve business efficiency, to reduce costs, to go after new businesses and drive growth and create a competitive advantage.
With a Business Case and a Roadmap
The top down approach starts with the business impact and plan for addressing the change head on to transform the business to leverage the power of data driven decisions.
A Foundation to Build On
It is also important to pay attention to the characteristics of a well-designed roadmap. It is not a set of projects that deliver a list of point solutions, as many do in practice.
An Organized Group of People
How you put together the right organization and resources with the required skill set has a very direct correlation to the success of the program. Hiring few data scientists and wait for the magic to happen may not be a good strategy.
Established LEAN Processes
At a high level there are two sets of processes – the business processes that benefit from the application of analytics and the processes related to producing and supporting analytics. In the first set there often opportunities to redesign the process during the transformation from the current state to the analytics enabled future state that often gets missed.
Well Managed Data Assets
Data management is one of the most important and at the same time a skilled labor-intensive task. This where the heavy lifting is required, in terms of cost and time.
Carefully Selected Set of Technologies
Jumping the gun and buying lot of technologies do not necessarily make your odds of success in analytics initiatives any better. Contrary to the common sense, this what exactly many businesses do, they go for the magic bullet.