The Value of Business Analytics: Identifying the Path to Profitability

WHY YOU NEED TO DEFINE THE VALUE

Too often, teams do not get past the planning stage. They are full of great ideas but when it comes to actually executing, things somehow fall apart. Some of the most common reasons are because they:

• Try to do too much
• Do not prioritize
• Get blocked by other stakeholders

The Good Idea That Never Got Off the Ground

A great example I was once involved with had to do with a team tasked with “doing things differently.” The organization in question had quite a conservative culture but recognized the need to be more competitive. Unlike many teams, this one was explicitly established to identify potential sources of competitive advantage, find ways of doing things smarter, and assist the organization in making the necessary changes. Although the scope of its remit was extremely large, business analytics formed a key competency in its toolkit.

The team launched with great internal fanfare, high morale, and a great deal of enthusiasm. Unfortunately, despite a great start, it had not managed to progress much in the months following its creation. Making the situation even more confusing, the team had all the right prerequisites:

• A cross-functional group of extremely skilled people
• A supporting set of tools and technologies
• Explicit management sanction to “do things differently”

My involvement came through trying to help the team members clarify why they were not achieving the progress they had expected and to come up with a solution.

Detailed investigation drew ...