“If you launch a new advanced analytics initiative, are you expecting to increase the average revenue per customer? Or gain more new customers? Reduce the cost to serve a customer? Something else?” asks Beatriz Sanz Saiz, EY Global Advisory Data & Analytics Leader. “Your assumptions on how to achieve that objective may not always be right in the early stages of an initiative, but if you have a working hypothesis you’ll quickly see where differences arise so you can adjust how you design the initiative.”
Pick the right moment to strike
Once businesses have determined where they want to focus their analytics efforts, the next decision is when to apply them.
Generally speaking, the earlier you move the better. That way, the organization can try out strategies, see what works and amend those strategies accordingly.
This move-fast approach is the strategy most often taken by organizations seen as leading in the analytics space (according to EY and Forbes research, 7% of all 1,500 surveyed organizations). Of these organizations, 38% deploy their insights when they are designing business initiatives. This is often because they already have the relevant data at their disposal. Less mature organizations often have to collate the data as they go on.
Making the most of your data
There are many challenges standing in the way of efficient implementation of data insights, but topping the list, according to the EY and Forbes research, are a lack of human skills and inadequate business processes: 36% and 35% of all organizations, respectively, rate these as major obstacles.
Both of these problems can be addressed by making sure relevant teams are on the same page when it comes to data strategies.