4 Key Steps to Being an Analytics Driven Organisation

Overview

Starting an analytics project is hard at the best of times, but even harder if it’s your first time. Having to understand the technology, the language and machinery of analytics can feel, well, overwhelming.

Conversely, like many before you, have you tried and failed in your efforts to apply an analytics process to your business? Maybe this was due to not selecting the right levers or losing stakeholder confidence by the inability to measure the impact correctly. Alternatively, maybe there was too much focus on the technology or overcomplicating the analytics algorithms?

This post is aimed to support product owners, strategy and transformation leads, and stakeholders by introducing four key steps into the analytical use case development process. Since there are plenty of technical articles on data and analytic processing I have focused on the how not the what.

Introduction

Analytics is becoming key for many businesses’ survival as markets become extremely challenging. Companies like Google, Apple and Amazon place analytics as a core element for all decision making which drives product investment decisions, improved customer experiences, operational efficiencies etc,. Many other industries are following in their direction to great success.

“Forty-seven percent say that data and analytics have significantly or fundamentally changed the nature of competition in their industries in the past three years.”

Catch them if you can: How leaders in data and analytics have pulled ahead, McKinsey Sept, 2019

Pivoting an organisation to be analytically driven can be a significant challenge when the organisation’s data and analytic capabilities are based upon legacy skills and processes. Furthermore, issues such as lack of data accessibility, quality and integrity, modern tools and processing environments hinder the ability to leverage data assets through the application of modern analytics processing.

Fixing these types of issues typically requires a lengthy diagnostic analysis, strategy definition and solution roadmap before any tangible environment changes take place. It is therefore imperative to work within the environment constraints and introduce new methods and tools incrementally as you develop impact across the organisation.

The following four points discuss the fundamental steps that, in my view, are needed to become an analytics driven organisation.

Read full article here https://www.fractalworks.io/post/4-key-steps-to-being-an-analytics-driven-organisation