Data analytics has been the topic of many business conversations over the past few years, and one key benefit to this attention is that many board members and senior business executives are now taking notice. Many decision makers are now eager to understand what data analytics is all about and how their business can use it to improve current operations.
When presenting to your board of directors, making sure that the conversation is properly focused is a top priority. Educating them on the possible benefits of data analytics is important, but several other topics should be included in discussions:
1.) The Value Opportunities That Data Analytics Can Provide For The Organization
When you begin a data analytics project, being able to answer all the questions about how the practice can be used in your business can be difficult. However, it’s very possible to identify the role that data analytics will play in improving the company. Determine the value opportunities for the company and explain to the board of directors how these opporunities will bring the company towards meeting its goals.
2.) Needed Adjustments For Successful Projects
Changing the norm is what is needed to uncover the value of data analytics. The organization will need to change how it runs to become better at handling analytics as well as in discovering the benefits from the value opportunities. It’s crucial that the board of directors completely supports these changes and one way to get their support is by outlining the needed changes in the organization’s processes, skills and business policies.
3.) How The Competition Uses Data Analytics
Many industries are already using data analytics successfully. It’s always a must-have to include a report about how your competitors are making use of data analytics and the impact it has had on their business. It’s also important to include how it has affected your organization’s current business and what is needed to match their progress. If using data analytics isn’t the widespread yet in your industry, create an opportunitiy to inform the board of directors about the possibile impact that data analytics could have on your organization’s position among the competition.