Following on from my blog about Laying the Foundations for a first class analytics practice, I thought I would expand next on the key enablers.
Analytics is a critical function for any world class business and the 3 key enablers in any such business are People, Process and Technology.
Perhaps not a new concept but it is an important one nonetheless.
It is important that you have individuals with the right investigative attitude and skill set who are also commercially savvy and technically proficient. Then you create a lean structure that has continuous improvement at its centre and enables individuals within it to believe and practice core values.
People with a can-do attitude that believe in analysis and the importance of extracting information that adds value to the business can and will add real value as long as you support them with process and technology.
Like any other part of the business, it’s important that the right processes are in place to help prioritise activity based on a value assessment and then create an appropriate analysis process and research library with established methodology for others in the team to follow.
Clearly, an appropriate project management system should be engaged together with a common analysis methodology and continuous training programmes.
Simply put, the process should begin with the end in mind and be methodological in its approach.
The technology you put in place should be appropriate to the current and near future requirements of the business. You need to look at the options and compare systems based on such elements as Speed of Analysis vs Accuracy, Standalone best of breed vs a Complete solution vs In-house build, Complexity vs Maintenance vs Benefits and Future Proofing or Scalability.
Once in place, core analytical modules can then be developed to undertake complex analysis such as modelling, segmentation, or cross product optimisation.
These key enablers combined with continuously developing your people, processes and technology provide a way of turning Data into Profit.
Next time I will expand on how turning data into profit requires the data function to be aligned to the business, supported by good process, analytical skills and technology capable of managing complex data.
Blue Label Consulting
Brendan launched Blue Label Consulting in 2011. With innovative use of Data through AI, ML and other quantitative methods, he delivers robust analytics and actionable insights to solve business problems.