The browser you are using is not supported.

Try one of them Google Chrome, Mozilla Firefox, Opera

Developing Business Analytics: A Long Experiment

Developing Business Analytics: A Long Experiment

October 1, 2018
Categories: News

The landscape of competition is shifting rapidly through advances in data, intelligence and analytics systems. The amount of data produced in only 2017 has exceeded all stock of data accumulated over the last 5000 years. Computational algorithms have become more complex, computing power ever increased, and storage capacity has steadily improved.

Data now becoming a critical asset in hidden balance sheets, the competition gap between leaders who are relatively fast adopters to changing landscape and laggers which struggle to develop new skillsets and visions for harnessing these intangibles are widening. The business landscape is continuously evolving under disruptive and recreative forces in which losers will lose and leaders will rise. From a broader perspective it is a creative destruction in the happening driven by technological and organizational change.

Technology always being imminent domain of any successful digital transformation, it may cause decisive and delusional sense of accomplishment. Indeed, investing in analytics and intelligence technology is only a getaway of a long journey for corporations. It is not the end but the beginning.

How companies can achieve a greater and effective integration of data and analytics?

Crystalize A Vision

What and how data and analytics will improve company’s business processes? Drill down onto your supply side and revenue side actions and processes, step by step try to figure out how analytics will improve decision making, stock management, efficiency of production, tapping into new revenue streams etc. At the end of the day you will come up with some concrete use case scenarios which will be quite helpful for continuous learning and practice.

Develop an Adaptive Strategy Framework

At the second stage try to articulate a holistic and adaptive strategy covering actions in all interrelated domains of the problem. Relying on traditional measures of strategic planning, i.e. predicting, multi-year strategic goals, tactical hierarchies will not work. For the latest thinking in developing an effective adaptive strategy formulation for organizations please see Strategic Doing framework.[1]

Identify Internal and External Data Assets

Think of your full data portfolio both internal and external at your access. What kind of data do you have under command, or you can get access to? Why these data are vital to your company? You should be very clear to attach relative importance and value to different groupings and types.

Which kind of inefficiencies you can identify in using and generating data? How can you tackle bottlenecks, think on it.

Get serious about data, starting from your own resources since it is the indispensable part of any analytic transformation. Value data, information and knowledge.[2]

Derive Insights from Data

What kind of technologies and approaches can you deploy to extract value from internal and external data assets? If your company already has some generic Business Intelligence solutions, what kind of organizational or technical problems you can observe in generating insights? If your staff can develop internal strategic screens of their own, identify them and put a progressive agenda on the table.

Deploy Insights onto Management and Internal Processes

Organizational and cultural barriers have proved to be most enduring problems for even industries legacy firms. Think about how you can emulate new data and insights within organic layers of your organization. Data and insights are going to the right screen at the exact time? Make sure data and insights are created and shared like a creative spiral between various layers of your organization: individual, team, hierarchy.

Companies still struggle to develop and integrate internal capacities to extract value from data. Without panic, they should get serious thinking and experiments on that, before it is too late. [3]

[1] https://strategicdoing.net/

[2] It has always horrified me how most businesses approach accounting tables, at least in Turkish case, being a static report to tax authorities. For many chief executives, income statement or cash flow tables are boring details that must be left to CFO’s or accounting division. Accounting tables are not only a reporting instrument to Ministries of Finance, they are the most significant medium and toolkit for effective management.

[3]https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/McKinsey%20Analytics/Our%20Insights/The%20age%20of%20analytics%20Competing%20in%20a%20data%20driven%20world/MGI-The-Age-of-Analytics-Full-report.ashx

0 Comments

Leave comment: