From Data Informed to Data Driven
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An integrated approach to data analytics can help organizations overcome silos and data hoarding by sharing processed information across decision-making processes. To become truly data-driven, organizations need a clear vision of integrating analytics throughout and a cultural shift away from just being data-informed. This requires data governance, a central analytics team, meaningful and actionable analytics products delivered at the right time, and viewing analytics as a business to build relationships and tell stories that generate insights.
From Data Informed to Data Driven
- 1. Connected Analytics An integrated approach to leverage data across all organizational decision making
- 2. Enterprise Analytics Challenges Source Forbes Insights
- 3. Enterprise Analytics Challenges Source Forbes Insights
- 4. Barriers • Enterprises are essentially competing feudal societies resulting in – Silos – Resource Hoarding – Fear
- 5. Information vs. Data • Information sharing vs. data sharing: – Data is raw – Information is processed data • Refined • Homogenized – Information cannot be unprocessed • Data sharing is the fundamental requirement.
- 6. Enterprise Analytics Contributions • big data is driving opportunities for innovation in three key areas: – creating new business models (54%) – discovering new product offers (52%) – monetizing data to external companies (40%). Source Forbes Insights
- 7. What’s missing • A clear vision on what it means to be “data driven” vs. “data informed” • Understanding what it takes to get from data informed to data driven
- 8. Becoming Data Driven • How to build a data and analytics strategy – Define your goal. • Data Driven: To fully integrate analytics into all decision making processes throughout the organization – A Field of Dreams strategy (if you build it they will come ) creates data informed. – Data driven requires serious cultural change
- 9. Vision • Laying the foundation – Data integration • Multiple siloed systems with inconsistent data. • Ad hoc and manual data sources • Confidentiality concerns • Requires a solid Data Governance program
- 10. Case for Analytics COE • centralize data • improve data access • Simplifies data governance • eliminate redundant efforts • drive adoption of analytics best practices throughout the business • drive insights for the entire organization
- 11. Analytics products • Meaningful • Actionable • At the right place • At the right time • It’s all about UI & UX • Be proactive about introducing new products
- 12. Solving Business Problems • It’s all about relationships • View your analytics practice as a business. – Brand identity – Brand ethos – Product inventory – Market penetration – Customer experience
- 13. It’s not about the model • Analytics is not about the model. Analytics as about capturing the essence of the subject to tell a story. The best analysts are both scientist and artists who create images that challenge us to think in new and different ways which generate insight, empower focused creativity and innovation, and impact both growth and enterprise value.