By now most companies have realized the importance of Advanced Analytics (AA) to their marketing strategy and decision-making. Unfortunately, as it emerged from a study conducted by McKinsey, less than a fifth of those polled have truly leveraged the vast scope of business analytics. Most firms start eagerly, but without any clear-cut strategy. As a result, they initiate several pilot projects but fail to scale up. While companies are engaged in storing huge quantities of data, due to lacking any end-to-end approach, they fail to leverage the same. Thus, before pursuing any such AA-modeled transformation, companies ought to ask themselves some clear question beginning with the structure of the organization. This involves whether it must have a centralized, decentralized or even a hybrid model. Firm decisions must also be made on whether any part of the work is to be outsourced or not. Finally, one has to decide where to locate the AA unit. Due diligence must be put in while staffing the members at the AA centre of excellence. The right corporate training programmes need to be initiated for the concerned staff members. And likewise, the right strategic partnerships signed. This training must focus on matters beyond the quantifiable, but on the cultural transformation to be effected.

Source:https://www.mckinsey.com/industries/financial-services/our-insights/building-an-effective-analytics-organization

Uploaded Date:14 November 2018