Data and analytics have redefined the way we compete. Data is a critical corporate asset that organizations are starting to monetize in new ways to get ahead of their competition. The bottom line? Companies that leverage data to drive the performance of their organization’s decisions are winning at a faster rate than their competition.
One alarming trend for large corporations is that the size of the organization is no longer a competitive barrier to producing world class analytics. A general trend emerging in the marketplace is that the competitive advantage that large companies have in the use of analytics is disappearing as the cost of accessing, processing, and storing data is plummeting. Large teams of data scientists and millions of dollars are no longer required to drive insights from a company’s data assets. Analytical methods and tools are becoming more ubiquitous and less costly, leveling the playing fields for companies large and small.
Executives that know how to lead in this new era of data analytics will outpace their competition. It will require a shift in how you view analytics and the importance the organization places on the building of analytical capabilities. There are five keys to leading in the age of analytics:
1. Analytics as a corporate strategy
Embed analytical capabilities and strategies into your corporate objectives. Having a clear vision of winning through analytics is essential to provide direction and organizational energy for the development of these needed capabilities. It is through these new methods, tools, and techniques that you will develop new products, services, markets, and opportunities.
2. Monetization strategy
Develop monetization strategies as valuable corporate assets. A monetization strategy is a plan to achieve one or more business goals through tactics or actions that improve the bottom line, either increasing revenue or reducing costs. In the same way, an organization might develop KPIs to help manage and understand business performance, monetization strategies that drive a competitive advantage should be developed continuously and shared throughout the organization.
3. Develop scalable insights and capabilities
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