Last time I talked about how important it is to remember that while all businesses should be data driven, it is critical that the data referred to is 'business driven'.
And by that I mean that having the right data, structured in the right way will help you to facilitate and better inform your business decisions.
In order to develop this, you need to recognise the multi-facetted or multi-dimensional challenge that every business faces when trying to turn data into profit.
These core modules range in increasing complexity from putting the infrastructure in place to developing real time business decisioning.
A first class Analytics practice will address these 12 core analytical modules whilst also continuously developing their people, processes and technology.
In order for this to work however, it is important that the business leadership is fully supportive of the challenges that such a function faces when dealing with the continual demands for information from other business departments and the cost implications of incorrect prioritisation.
The best businesses in the world manage these challenges and that is why they are able to take that raw data the business generates and turn it into not just knowledge but profit.
The next element of creating a first class analytics practice is something that all good businesses and departments should follow, but many don't - Managing Core Values and Continuous Improvement.
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.