Scaling data and analytics: Driving transformation and decision making | Deloitte UK has been saved
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How often has the outcome of a brilliant piece of analytics ended up in a set of slides lying on your desk? A challenge for most organisations is making the insight available systematically at the point of need. In this blog, I’ll explore how scaling data and analytics can transform how your organisation makes decisions. Let’s begin…by looking at some examples:
Often companies have analytics teams that heavily focus on innovation – let’s build some cool models or at the other extreme – initiatives focus on getting the data right before experimenting with advanced analytics, artificial intelligence (AI) and machine learning (ML).
Scaling analytics requires a shift in approach:
Many are still of the opinion that analytics is one area that cannot be outsourced and they try to create this capability in-house, which is yet another barrier to scaling the change that can be brought about by data and analytics.
It is almost impossible to have an in-house team achieve scale:
Recruiting a large team to do all of this means a massive operational expense budget. So the exam question is – who should build this capability vs. who should find a partner to make the most of data, analytics and AI?
For some companies, investing in a large in-house analytics capability makes a lot of sense. If we look at some of the tech giants, they are successful because of their ground breaking search capability, which is at the cornerstone of their business. Keeping this capability in-house and protecting intellectual property is the right thing to do.
What is the business of a retailer? To sell products
What is the business of a Consumer Packaged Goods client? To manufacture products
So does it really make sense to spend the same amount time and resources in developing an analytics capability in-house, compared to the tech giants?
For most companies, a combination of an in-house capability augmented by an analytics partner is the right answer to scaling their analytics capability. This will drive results most efficiently and cost-effectively.
Working with an outsourced analytics partner doesn’t quite mean lifting and shifting the entire function to your partner or vendor like you would for IT. Rather you look for a partner who you can closely collaborate with, someone who can help you with the following dimensions:
In addition to finding a partner, organising for success and driving a data-driven culture are equally important aspects of scaling your analytics capability.
How has your organisation embedded and scaled the analytics capability? Do post your success stories in response to this blog post. I look forward to this discussion!
Aditi is part of the Analytics and Cognitive function and helps clients on their analytics transformation journey. She has over 12 years of experience leading engagements for Retail and CPG clients to help embed data driven decision-making in the areas of digital, customer, pricing, merchandising, contact centre and supply chain analytics. She has helped clients build and grow their analytics capabilities with a view of embedding data driven change in organisations.