Where do we start? What strategies should be implemented? What changes should ideally be made? How to overcome the challenges? etc. etc. So many questions have been raised by so many people time and again. And the answer simply put by all the analytics experts and the institutions that, “develop an analytics strategy that will cover everything and does not left anything. But again people ask, how to discover what to cover and what not. A layman can make out a plan or say strategy.
In this post, all the appropriate measures will be discussed. As far as we are concerned, and we know, the step that all the companies miss in this process is “they play with the time that is required to chalk out a simple strategy or say road-map for how the goddamn data, algorithms, tools, mathematics and people came together in order to bring fruitful results to the organisation.
We have laid down a simple approach consisting 5 steps for developing an analytics strategy. From our end, we have tried our best to incorporate all what we got from managing analytics strategy processes in the public and private sector, informal and formal talk with the industry know-hows.
Step 1: – Understand business strategy: Clear understanding of business strategies and its focal areas plays a very critical role in the development of analytics strategy. As it is better to keep the analytics strategy enrooted in the business strategies. Several times we have discovered, the analytics strategies failed in this region; they are nowhere enrooted in the business strategies. This is the reason because of which they failed in putting up the best results.
We highly recommend you all to kick start the analytics strategy after having a heavy information talk with the Chief strategy officer and with all department’s chief head in order to understand the core context of business strategies.
Step 2: Set target analytics maturity level: – Developing an analytics strategy should ideally be taken as a serious affair. While setting up an analytics strategy one’s job is to create or form out a vision for, how the analytic strategies will going to add some value to all the processes. Hold meetings and discuss the steps or measure that should be taken to drive a common understanding and develop a strategy on the basis of all those points.
Step 3: Develop business ideas: – Developing ideas was, is and will always remain the most exciting part. People love to create ideas, but they fail to channelize it into a right direction. No doubt developing business strategy is an exciting and fun part of but if they are being developed for analytics, then one should ideally focus on forming a set of concrete initiatives that is completely focussed towards reaching strategic ambitions minus vague comments.
In the process of developing ideas for Analytic, special attention should be paid towards answering following questions: –
- What are the associated risks with the strategy?
- What are the main points of the solution proposed?
- What are the business challenges being addressed in the initiative?
Step 4: Develop a roadmap: – A good analytics strategy is something that highlights the critical decisions. Efforts should be made towards defining and covering the initiative on the priority basis. Out of all the plans and strategies you have created, select them one by one and employ them with the suitable business ideas. In order to successfully grappling all the planning trade-offs, pay attention towards establishing investment priorities, balance speed, acceptance, frontline engagement conditions and cost.
After you are all set and done with the implementation process, create a blueprint of the resulting target architecture. First identify and then connect the important data for use in analytics and after that in mounting a clean-up operation that is completely focused towards synchronising and merging of the analytics data as well as missing information.
Step 5: Focus on capability development: – We have witnessed quite a few cases in which the best of the analytics strategies got failed due to the lack of efficient organisation. Make out a plan for organising and assembling a pool of talented professional who has the ability to do justice to your world’s best analytic strategies. At last, outline how your organisation is going to nurture data scientist, frontline staff and analytics modelers. This way, your vest plans will go further and list on the list of master strategic decisions.
Once you are done with all the steps, select the most appropriate place and time to place the strategy.