For the past years, advanced analytics has been a staple in the list of many business investments that leadership is interested in, but rarely acts upon. Many top executives are more than eager to reap the rewards of data analytics programs, but they fear the risks and often find it difficult to see how it can directly improve current operations.
When it’s time to present your analytics project to leadership, your group should make it a high priority to thoroughly educate them on the possible benefits of taking on more analytics projects. To help you strengthen your case, include these other topics in your discussion as well:
1.) The Role Data Analytics Will Play In Improving The Organization
When you start an analytics project, determine the value opportunities that analytics can provide once implemented in your business. Many groups get stuck due to wanting to answer all possible questions over how the practice can benefit the organization — but identifying the role that analytics will play in improving the business and explaining how it can help the business move towards organizational goals can be very convincing.
2.) How The Organization Needs To Adjust With Successful Analytics Projects
All organizations need to change how it operates to become more adept at handling analytics and in discovering the possible benefits available from value opportunities. Success cannot be attained if leadership doesn’t completely and thoroughly support the needed changes. It’s best to outline possible adjustments to the business’ policies, skills and processes as early as possible.
3.) How Your Competition Uses Analytics
Two crucial parts of your group’s report are how competing businesses already use advanced analytics and how it has affected their organizations. You should also touch upon how this practice has affected your current business as well, and what you need to do to match–or outpace–their progress. If data analytics hasn’t made a significant impact yet with competition, inform leadership of the possible impact that analytics could have on your position among competitors instead.