Elder Research has found that having an “analytics culture” is one of the strongest indicators of future analytics success and developing an analytics strategy is an active process that plays a key role in building an effective, data-driven culture.
Creating a successful analytics strategy requires assessing your unique business challenges, matching those challenges with relevant data and resources, and establishing processes that grow your capabilities.
Developing an analytics strategy is a complex process that yields many surprising, company-wide benefits. There are many levels of analytics and modeling technologies and it is important to create analytics strategies that are customized to an organization's unique business challenges, available skills, data infrastructure, and analytics maturity based on the following elements:
- Vision & Mission
- Concept of Operations
- Business Model
- Performance and Return on Investment
- Model Development Process
- Project Intake Process
- Organizational Structures
- Roles & Responsibilities and Oversight
- Program Workflow
- Communication, Marketing and Training
- Key Short and Long Term Goals
The following consulting services can help our customers develop their analytic strategy:
Executive Analytics Strategy Session
Most companies are collecting an ever increasing amount of data but often lack the resources or expertise to use it effectively to support their business goals. With over 20 years of experience in predictive analytics and data science, Elder Research has the cross-industry expertise to deliver a high-level, topographical review of your analytics culture, capacity, and practice.
Our half-day on-site Analytics Strategy consulting service provides:
- Strategies for using analytics to improve organizational decision-making.
- Recommendations on how to grow analytics capabilities.
- Plans for short and long-term analytics opportunities, prioritized based on feasibility and return on investment.
Prior to the engagement we will work collaboratively to determine an agenda that will provide the greatest value. Some example focus areas include:
- Understanding strategic business goals and current analytics initiatives.
- Assessing current analytics capabilities and how to build an analytics team.
- Defining key performance metrics and baseline goals for analytics
- Discussing potential projects that will provide early momentum and return on investment.
- Exploring data sources that may be leveraged for strategic analytics projects.
Following the meeting Elder Research will provide a report that summarizes insights gleaned from discussion with your functional business leaders and recommended next steps.
Analytics Assessment & Roadmap Consulting
An appraisal of your organization’s current analytical maturity—how your organization currently applies analytics and where the role of data could be expanded to deliver more insight and value.
During the assessment, we develop a roadmap. This analytics roadmap ranks each opportunity along three dimensions: Cost, Return on Investment, and Actionability to help identify low-cost, high-return actions to help build analytic momentum.
The goals of the assessment are:
- Determine the analytic readiness and maturity of the organization as a whole and the Analytics
- Focus on the convergence of data, technology, and people needed for success with predictive
- Provide a roadmap with actionable advice for improving the value of analytics within an organization.
Learn more about our analytics assessment and roadmap consulting service.
For more information about analytics best practices Mining Your Own Business, coauthored by Gerhard Pilcher and Jeff Deal, is a practical guide for organizational leaders and top-level executives preparing to lead or participate in a data analytics initiative.