Over the past couple of years I have spent the majority of my time teaching, consulting and building a business in advanced analytics. I continue to be amazed at the undiscovered (or unrealized) opportunities that exist to implement advanced analytics programs that will result in material gains in enterprise-wide strategy development, revenue growth, customer acquisition and retention, operational improvements, and customer satisfaction.
It doesn’t matter whether the company/organization is big or small, global or local, service- or manufacturing-based. This observation indicates to me that we are still at the beginning of our journey to be data driven decision makers and analytic competitors. The desire to mix science with “art” or science with intuition/experience is stronger than ever. However, a framework for success, the number of experienced analytics professionals and top-level commitment for analytical success are still in a formative stage.
Based on what I have learned in my travels, work, and research I offer the following “headlines” that may not seem like rocket science but are indeed foundations for analytical success that continue to be missing elements from successful advanced analytics programs:
- Prioritize advanced analytic targets. Brainstorm far and wide throughout the organization on how being more data and analytical-modeling driven can help your organization be the leader in your space.
- Hire and develop the unique skill sets necessary to execute on these HIQs (High Impact Questions). There is a growing number of analytics experts (on the business side) and data scientists/analysts who have experiences, skill sets and creative ideas that just don’t exist in a necessary critical mass for you to win. Seek these people out.
- This may sound a little self serving but… Hire experts to help you through the advanced analytics journey. Certainly you must develop the competencies internally but organizations such as the International Institute for Analytics can help you understand your analytics maturity versus your competitors and/or other companies in your industry. You will find that the number of advanced analytics opportunities is surprisingly high. For some it makes sense to develop proprietary models and for others it will make sense to outsource – especially where you can gain knowledge from the industry through common data. (Companies such as Othot can show the benefits of these models.)
- Begin by determining how data and advanced analytics will solve problems or create opportunities (HIQ’s). Don’t start with the data and wonder what you can do with it
- Develop a high level advanced analytics strategy so you can communicate to your organization that you will compete and win on analytics.
Regardless of whether OThot can help you with its expertise and product set, feel free to reach out to me at firstname.lastname@example.org and I’d be happy to give you personal perspective. Educating the market on the power of analytics will eventually maximize customer satisfaction and organizational “profits” which is a sort of capitalist nirvana. (How about that for a weird juxtaposition of concepts?!)