Three Critical Success Factors in Building an Analytic Enterprise
Posted By: James Taylor | Posted On: 16th July 2020 |
Everyone it seems wants to be an analytic enterprise. But what does it mean to be an analytic enterprise?
An analytic enterprise applies analytics deeply and broadly.
It uses analytics to solve its most critical run-the-business problems.
It uses increasingly advanced and analytics to maximize its ability to get value from its data.
And it uses analytics everywhere – from customer treatment to operations, from marketing to administration, and from people management to asset management.
An analytic enterprise informs its strategy with analytics, empowers its people with analytics, and drives its systems with analytics.
There are three critical success factors in becoming an analytic enterprise:
Analytic Enterprises Put Business Decisions First
The first critical success factor for analytic enterprises is keeping the focus on business results by beginning (and ending) with business decisions, not analytic technology.
Analytic Enterprises Predict, Prescribe, and Decide
The second critical success factor for becoming an analytic enterprise is moving beyond reporting and analysis of the past to prediction and action by using more advanced analytics to predict, prescribe, and decide.
Analytic Enterprises Learn, Adapt and Improve
The third critical success factor for becoming an analytic enterprise is recognizing that applying analytics is not a one-time exercise, and focusing on how to use analytics to learn, adapt, and continuously improve.