Advanced Analytics Strategy
Success with digital business requires a strategy focused on advanced, real-time analytics in the cloud and on-prem. Digital business is “the ability to exploit information at speed” (Abbie Lundberg), with emphasis on exploiting for value realization. Information is for developing new products, customer experiences, and business operations through digital data of all types. At speed focuses on the use of advanced analytics and machine learning to provide automated real-time actions.
Information management identified five obstacles to success with data and analytics: lack of a strategy; lack of organizational readiness; lack of direction; lack of execution; and lack of using data and analytics to deliver business impact (link here). The root cause – lack of leadership and focus on purpose. Success with data and analytics will only be as effective as the support and applied authority of its leadership.
A successful Advanced Analytics Strategy addresses the above problems by:
- Understanding the goals and objectives established by Executive Leadership and their business drivers;
- Identifying the organizations Data Use Scenarios and Analytic Areas of Opportunity as well as its business information needs;
- Identifying and ranking information opportunities, uses, and needs to establish their relative importance to and impact on the business;
- Establishing a future technical architecture framework for supporting identified information opportunities, uses, and needs;
- Identifies candidate technologies, skills, processes, and organization needed for success with the future data and analytics environment needed for the strategy;
- Develops a high-level future state data architecture required for
- Develops a Roadmap identifying a sequence of defined projects, based on opportunity rankings and business priorities for successful implementation of a data and analytics capability that will:
- Support all business drivers and goals;
- Satisfy business information needs;
- Deliver information objects for all data use scenarios;
- Establish information planning for the entire information lifecycle;
- Build organizational and technical capabilities for physical data management of trustworthy data.
An information strategy is an extension of a business strategy and should focus on tangible business benefits, such as increasing revenue, reducing costs, improving customer satisfaction, reacting to regulatory issues, managing risk, and so forth.