5 Simple Steps to Business-Relevant Analytics
Filippo Passerini, Group President of Global Business Services and CIO at Procter and Gamble, was recently interviewed in PQR Magazine (Performance, Quality, Results) discussing the importance of integrating analytics with specific business processes to ensure business relevancy. Passerini references P&G’s use of intelligent business alerts and the importance of being able to identify and act upon key business opportunities. In an issue all about Big Data, Passerini highlights the 5 steps to business-relevant analytics.
1. Identify the Specific Business Intent
In order to effectively use data analytics, you need to understand the end-goal. What are you looking to accomplish? Are you hoping for more transparency into internal processes or for the answer to broader business questions such as an explanation for a drop in sales? Proper analytics can be a game changer for any business – but only if you’re asking the right questions.
2. Assess the Case for Using Data Analytics
Will the implementation of analytics lead to a better outcome? Proper analytics can be both time consuming and costly to implement. Businesses must invest the time at the start of the process to make sure that the data and analysis can indeed increase the bottom line.
3. Plan an Adoption Strategy
Who will reap the most benefits from analytics? These are the people that should have access to the tool in their arsenal – be it senior managers, field sales, or anyone in between. You want to make sure your tool serves all roles based on the same version of the truth
4. Design the Business Model
Designing a business model for analytics is a three-step process. First, we must select the proper analytical tools. Secondly, develop an environment where the business team becomes immersed in real-time data and analytics. Intelligent Business Alerts, a fundamental aspect of Procter and Gamble’s analytics model, enables sales people to identify and capitalize on key business opportunities. Finally, Have analysts facilitate the discussions from an unbiased vantage point.
5. Deploy Technology
Procter and Gamble believes that “no technology will make any difference unless we are clear on the business challenge to be addressed”. Having domain expertise and understanding what questions need to be answered will ultimately define how effective an analytical solution will be.