Analytics as a Source of Business Innovation
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For the first time in four years, MIT Sloan Management Review found an increasing ability to strategically innovate with analytics based on interviews with more than 2,600 practitioners and scholars globally. Use the research report to assess your level of analytics maturity based on use of analytics tools and concepts as well as their success in using data to innovate and create a competitive advantage.
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Analytics as a Source of Business Innovation
- 7. Analytically Challenged • Use analytics sparingly. • Innovate via intuition. • Struggle with data: access, quality, management, governance and usage. Analytically Challenged Analytical Practitioners Analytical Innovators
- 8. Analytical Practitioners • Actively use analytics. • Try to incorporate data into decision making. • Use data and analytics as a driver for operational improvement. Analytically Challenged Analytical Practitioners Analytical Innovators
- 9. Analytical Innovators • Embed analytics into the organizational culture. • Drive strategic decision making through analytics. • Maintain competitive advantage through innovative ideas. Analytically Challenged Analytical Practitioners Analytical Innovators
- 12. The path to maturity starts with questions about the data • What are the business challenges? • What decisions do you have to make? • What data do you need to make good decisions?
- 13. The path to maturity starts with questions about the data • What data are you collecting – and is it complete and accurate? • What new data do you need to collect – and how can you collect the data? • Do you need new systems, processes or software to collect and manage the data?
- 14. Develop the skills and build the organization to maximize analytics • Do you have the right analytical skillset? Analytics users must be able to: • Convert raw data into insights. • Effectively communicate insights to management to drive better business decisions. • Fund the hiring of new analytics resources and process/systems infrastructure. • Provide the tools and training needed. • Get top management support for incorporating analytical insights into decision making.
- 15. Develop the skills and build the organization to maximize analytics • Do you create an in-house center of excellence? • Staff it with the top analytical talent. • Create a centralized group supporting the whole organization in an advisory/consulting role. • Or do you bring analytics to the masses? • Train staff throughout the organization to be self-service analytics providers. • Take analytics best practices to all key stakeholders.
- 16. Practical guidance for the analytically challenged 1. Be realistic. Don’t believe all the hype. 2. Identify specific business issues to address with analytics. 3. Measure results to demonstrate business value of your analytics efforts.
- 17. Practical guidance for the analytical practitioners 1. Focus on problems you can solve. 2. Use demonstrated success to expand your influence and gain support for future initiatives. 3. Educate stakeholders on what you can do – and the problems you can solve.
- 18. Practical guidance for the analytical innovators 1. Assess the performance of analytics efforts (baseline versus naïve models, etc.). 2. Share successful methods and results through publications and professional events. 3. Become a trusted advisor to executives and management.