Key takeaways from yesterday’s MBS’ Talking Data Speaker Series by Dr Khan from A.T. Kearney.
Organisations deploy analytics for one of the two reasons
- To validate pre-existing hypothesis (laggards / followers)
- To input into their strategy, integrate with existing decision making process (leaders / explorers)
Shift from descriptive, to predictive, to prescriptive analytics and insights
Descriptive, Predictive, and Prescriptive Analytics Explained
Organisations deploy analytics in one of the two ways
- Start-up Model - demand driven; prototyping or piloting small projects and eventually grow into a bigger piece; often more successful
- Field of Dreams Model - supply driven; big bang deployment of architecture and rapidly grow talent and capabilities; not so successful
Either of the two will require top level endorsement, typical C-level, that requires bottom line answers rather than tech jargon.
But the problem implementing an analytically powered organisation
The problem is not:
- Data - Data is easy to identify and acquire (purchasing)
- Technology - Technology is easy to deploy, infrastructure is easy to setup
The problem is the TALENT - the link between business, technology and analytics (the trilingual) to use the information to shape answers within business context to translate value into the organisation.
Key to an Analytically Powered Organisation
- DATA - the USE of data needs to have business sense
- TECHNOLOGY - needs to be fit for purpose (while prototyping)
- TALENT - needs the tri-linguist
- CULTURE - sponsors from above, build COEs, advocate use of analytics to drive business outcomes