Data and advanced analytics have arrived. Data is becoming ubiquitous but several organizations are struggling to use data analytics in everyday business process. Companies who adapt data analytics in the truest and deepest levels will have a significant competitive advantage, ; those who fall behind risk becoming irrelevant. Analytics has the potential to upend the prevailing business models in many industries, and CEOs are struggling to understand how analytics can help.
Here are 10 key points that must be followed to succeed.
- Understand how Analytics can disrupt your industry
- Define ways in which Analytics can create value & new opportunities
- Top managers should learn to love metrics and measurements
- Change Organizational structures to enable analytics based decision making
- Experiment with data driven, test-n-learn decision making processes
- Data Ownership must be well defined & Data Access must be made easier
- Invest in data management, data Security & analytics tools
- Invest in training & hiring people to drive analytics
- Establish Organizational Benchmarks for data analytics
- Layout a long term road map for business success with Analytics
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