Guessing the Right Door! Right-Strategize your way to Success in Analytics….

Analytics has been of paramount importance in the modern day and age. If data is the fuel, analytics is the medium by which it gets converted into energy. Analytics is the force behind converting data into intelligible and meaningful information. Though most organisations believe in investing on resources and state-of-the-art technology, successful analytics may usually just need intervention to capitalise maximum on your data.

Here are the most important steps you can follow to plan and execute your analytics strategy:

• Define your goal (mission and vision): As an organisation, it is important that you know where your destination is, having well defined goals will help you find the best way to achieve them. It also helps align the organisation culture, work-force, milestones in a way that success can be achieved with optimal use of resources.
• Assess your current state: Most organisations have a fragmented approach to begin with, organisations usually follow through various stages of maturity to reach an integrated, automated advanced model of analytics where there is a seamless and most accurate transformation of the available data into given information. Evaluation of your current situation is important as it helps identify the deficiencies and bridge the gap to improve your capabilities.
• Address your current incapability: After a thorough assessment you can get a holistic idea of the currents deficiencies in your organisation. It could be skills mismatch, culture issue, inefficient flow of information across teams, or a combination of all the problems. These problems can be tackled by:

1. Sourcing data efficiently: Usually companies are furnished with all the data they could possibly need, however inefficient utilisation of data by employees and managers can be a hindrance while taking business decisions. With digital media, social platforms there is a further seamless flow of data, organisations must employ creative ways to fetch data, use them appropriately to take well informed decisions.
2. Developing better business models: Better models help transform data into meaningful information that can aide businesses in taking better decisions. Creating efficient, practical models that aren’t very complicated will help your data-analytics endeavours by a great deal.

• Define your potential opportunities: Once the business deficiencies are handled, it is best to start focussing on your potential opportunities, the target market you are aiming to crack, and the actions needed to put your plan in motion. This can be done in a several ways:

1. By recruiting leaders or staff across teams to nominate projects that can be considered.
2. By building IT technology to refine initiatives aligned with goals, cost-effectiveness, success rate, etc.
3. By establishing smaller milestones in lieu of bigger successes in the future.
4. Develop platforms to encourage investments in foundational capabilities.

• Execute, monitor and rewire: The best analytical capabilities are usually reliable, reusable and responsive. With changing business needs, your organisational structure (human and processes) must be adaptive to change. With modern BI capabilities aligned to collaborate, adapt and deliver in time, organisations are now focussing on maximising business value, accommodating changing needs and delivering in predicted time and cost. Thus, fine-tuning according to prevalent business needs should be an important aspect while planning your organisation’s analytical endeavours.

Thus, navigating through your businesses growth metrics could be challenging, but an optimal combination of skilled workforce and efficient IT infrastructure can help you strategically grow into a successful enterprise.