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Making Data and Analytics the Backbone

Usage of technology, right tools and knowing the significance of people and organizational components is necessary for the successful functioning of data and analytics(D&A). The malfunctioning in any of these may cause the D&A initiatives to falter. A successful D&A function encompasses more than a stock of technologies and D&A should be incorporated into all key decisions across sales, marketing, supply chain and other core functions. For the effective building of D&A capabilities a clear understanding across all sectors is required. The American sports leagues being the best example where the D&A function is used the most. They used D&A to predict the various statistics during the game. Usage of D&A was a success that the league had not achieved in the past. Keys to success included a clear strategy , a commitment across the organization to seeing it through with an unwavering eye on improving the experiences for everyone involved and also to avoid allowing strategy setting and decision making to occur in organizations, which can shadow technologies, competing versions of the truth and data analysis paralysis. It should be taken into consideration that D&A function should be a key contributor to the development & execution of business strategy, the importance of leadership should be recognized and checks should be put on cultural factors. With all these factors incorporated D&A can not just achieve growth but also let business leaders to anticipate what customers will want/need before they even know they want/need.TO READ MORE GO TO: 

 https://hbr.org/2017/06/how-to-integrate-data-and-analytics-into-every-part-of-your-organization 

 

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