5 Actions That Can Help Companies Master Analytics

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Mastering Analytics

Companies that want to win the analytics game should follow the actions of the most analytically mature firms, which work to get the most value from their data. 

For example, we worked with the consumer banking operation of a major multinational bank that was suffering drop-offs in its Net Promoter Scores (NPS) [measuring customer loyalty]. To improve its customers’ experiences, we helped the bank evaluate its data and analytics strategy and develop a road map. This, in turn, helped it become more dynamic and able to operate in real time.

The work included a total revamp of the bank’s technology infrastructure and the development of a data library for real-time scoring of credit-line increases for customers. Through this new capability, the bank could identify the root of its NPS problem and quickly design and implement solutions to enhance the customer experience.

Raise the company’s analytics IQ.

Whether it’s through the implementation of an “analytics academy” to provide training, introducing more interactive tools to encourage collaboration among teams internally, or investing in the right IT resources to bring teams up to speed, businesses must invest the time needed to raise their analytics IQ to drive game-changing insights. 

Industry leaders recognize the need to upgrade their outdated analytics operating models to gain a competitive advantage in today’s business landscape. In fact, a global consumer products company we work with established a new analytics vision, a global cross-functioning operating model, and an integrated analytics organization with a “center of gravity” of insights and analytics capabilities. Its new analytics road map produced a multiyear target of US$1 billion in gains.

To get a jump-start on an effective and accelerated analytics journey, we identified three immediate priorities that companies should follow:

1. Select an agile and swift analytics approach by understanding your organization’s existing resources, talent, tools and investments to identify the gaps and redundancies.

2. Develop industrialized execution capabilities by establishing governance that empowers a team of top analytics talent.

3. Sustain the change by assessing your company’s analytics IQ and raising the business acumen for analytics resources where needed.

Companies that don’t take the time to enhance their analytics business processes, capabilities and talent will miss the mark and be left behind. Those that make the effort to build and sustain advanced analytics capabilities will transform into mature, insight-driven enterprises that can better manage the pressures of the business today and pursue new, innovative changes for tomorrow. 

Brian McCarthy and Robert Berkey are managing directors in the Accenture Analytics Advisory Practice, and Chad Vaske is a manager in the practice.

This article was originally published on 2016-08-18
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