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How the Smartest Organizations Are Embedding Analytics to Transform Insight Into Action
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Scooped by Luca Naso |
Scoop.it!
Luca Naso's insight:
Top Performers consistently apply analytics in almost every activity across their organization. They prefer Analytics over Intuition 5 times more than Low Performers.
This Survey by MIT Sloan, in collaboration with IBM, draws a clear picture on how organizations can approach big data, what the major challenges are and how a successful analytics culture can be established.
Organizations are usually found in one of these 3 stages:
1. Aspirational: just started with analytics. The main target is to improve cost efficiency. Are not very rigorous.
2. Experienced: use analytics to guide actions, target at growing revenues, some use of rigorous approaches, applications are limited for future strategies.
3. Transformed: use analytics to prescribe actions, use analytics at all levels also in day-by-day activities, use rigorous approaches.
Sometimes organizations transition from state 1 to 2 to 3.
The Survey suggests a 5-step methodology for successfully implementing analytics-driven management:
1. Focus on the biggest and highest value opportunities
2. Within each opportunity, start with questions, not data
3. Embed insights to drive actions and deliver value
4. Keep existing capabilities while adding new ones
5. Use an information agenda to plan the future
ifeel.edu.in
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