Make Sure You Have a Strategy for Analytics
If your company is looking to improve your business with data analytics, you need to make sure you have a sound strategy for analytics. You need to capture data, store it efficiently, and then analyze it to gain insight. But how do you do this effectively? First, you need to understand why you're implementing a data analytics strategy in the first place. You should know why your organization is using analytics, so you can develop an approach that works for your company.
You should develop a roadmap that links you to Modern Analytics
solution to your overall business strategy. It should be flexible enough to scale as your organization grows and changes, while still supporting the core of your organization. Ideally, your analytics solution will focus on achieving the following three goals: finding alignment, solving a problem, and achieving an outcome. It should be easy to share and scale. It should also support your goals, rather than just automating repetitive processes.
Your company should not be afraid of the 'unsexy side' of analytics. After all, analytics is a means to competitive advantage, and you must excel at it if you want to succeed in the long run. While many companies are already integrating analytics into their operations, you can differentiate yourself by implementing a data management strategy that balances these two aspects. Once you know your analytics strategy, you can start integrating the data and building new products based on that data.
A good strategy starts with the fundamental question: What do you want to accomplish with the data you gather? Is it about making decisions or improving operations? Does it address a specific business need? Does it generate real value? To answer this question, identify business-critical challenges and questions. Gather the data to answer these questions. And once you've answered those questions, start building your analytics strategy. You'll be surprised how much your analytics strategy evolves.
Analytical capabilities are fueled by people, governance, and technology. To be effective, an analytics strategy should be aligned with the rest of your business. A good strategy begins with a vision and coordination between IT and business leaders. It must include short-term goals that include clear milestones, crisp performance measurements, and a monitoring system. Ultimately, an analytics strategy should be geared toward business objectives, and not solely the implementation of new technology.
Data is a strategic asset. To make it useful to your business, you must have a sound data strategy. This includes identifying the data types you will need and the analytics techniques you'll use to extract business-critical insights. You can also build a data strategy to collect data and analyze it. Ultimately, it's the ability to leverage data to improve your business that drives data strategy. But there are still many challenges to be faced.