Establish an analytics ecosystem that drives value throughout the enterprise
The debate over adding analytics capabilities to the enterprise decision-making arsenal is long settled. And the winner? The business. Today’s organisations are winning with analytics, maximising the value of data to transform information into insights and better business outcomes.
Any analytics organisation requires a set of overriding goals that are typically set as benchmarks for success. These goals include:
•Supporting business decision makers with analytical capabilities
•Providing leadership and a “critical mass” home for analytical people, and the ability to easily share ideas and collaborate on projects across functions
•Fostering visibility for analytics throughout the organization and ease in finding help with analytical problems and decisions
•Creating standardised methodological approaches, tools, and processes
•Researching and adopting new analytical practices
•Reducing the cost to deliver analytical outcomes
•Building and monitoring analytical capabilities and experience
Different priorities for these goals may lead to different organisational models. The key is to keep the organisation flexible enough to meet changing needs and expectations.
In this article, we discuss common models to structure analytical capabilities, effective leadership strategies, the strengths and weaknesses of alternative reporting relationships and how to nurture an analytical ecosystem that is sustainable in order to reap the tremendous value and benefits of analytics.