Acting as stick fetchers. Dashboard overload. Project team silos.
These were the recurring pains that came up again and again as we spoke to 2000+ business leaders and analytics professionals. Through survey data, focus groups and real-time business simulations, we wanted to speak to the business and analytics community to uncover what do they value most in the way that they interact with each other everyday and what are their barriers to connecting everyday decision-making to analytics.
Organisations are continuously in search of better and faster ways to get more business value from their data investments. I speak to Chief Analytics Officers all the time, who are seeking for new ways to help the business teams inside their organizations find new ways to keep pace with competitors using data and analytics.
Data is the easy part
I’m sorry if this comes across as bad news but it really is. The most common question that comes from nearly every discussion I have with C-suite data and analytics leadership is "how does my team interact with the business effectively?"
Leaders underestimate and underutilize the collective power of their workforce.
The way that we support business teams’ interaction with data teams will mean the difference between unlocking the huge value that is promised or leaving huge investments under-utilised and wasted. Data itself has no value without the right questions. Business Intelligence tools alone don't drive strategic insights
"Teams must leverage diversity of thinking to ask the right questions."
Legacy organizational culture, leadership, and strategy can be barriers to change.
In our minds, building an effective data culture is about asking better questions, closing the gap between business and data teams and breaking silos - these are the areas that we continue to focus on in the Connectworxs platform.
Leaders need to evolve business models in increasingly competitive markets and create a safe environment to draw out ideas and discovery for their teams.
How do we Connect what we do know to what we don’t know?
In the age of complexity and information overload, discovery-driven leaders must operate where value creation for customers is at the centre and data drives decisions.
My business school experience was fantastic, from what I can remember! I recall being surrounded by smart people and going to lots (and lots) of classes, but those hours spent sat learning about accounting and such famous theories and frameworks are but a distant memory.
What I do remember were the simulations and competitions against other members of my class. Competing in a fun and engaging experience around a real world challenge. These are the experiences that we remember whether at business school or any kind of life experience.
The way that organizations have been designed over the past thirty years through a matrix structure has resulted in the creation of information silos. These silos prevent business leaders from realizing the value of big data, as insights and knowledge are kept to the confines of teams across the business.
Big Data has no value unless it’s linked to a business metric. With all the hype and excitement surrounding Big Data, business leaders and teams have gotten lost as to where to start in order to achieve this critically important jump.
Throughout my consulting career, I have experienced a variety of different team meeting rituals. I will never forget standing in a Seattle hotel room, surrounded by a team of experienced executives, as they banged the desks in rhythm while shouting “WHO’S THE BOSS? ...THE CUSTOMER!” This type of cultural artifact is critical to staging an effective data meeting.
Big Data presents huge opportunities for business if they know how to understand and share it.
A data-driven culture enables organizations to apply the data they collect to business decisions that matter.
The title “Chief Data Officer” has grown in popularity over the past few years, as more and more businesses seek to harness the power of big data. However, some companies throw data tasks under the responsibility of the CIO or even CEO, adding to that person’s already heavy workload.
So I have certainly had my fair share of involvements with business transformations - some successful, some ongoing, some well received, some not, all expensive, all taking longer than planned. And most, especially in recent years, coined with “here we go again!”
Data has become a critical corporate asset. Across industries, the potential value to be captured in the variety and volume of data that we are collecting is huge. Yet, according to extensive research, only a fraction of this value has been realised.
To find new sources of growth and innovation, leaders need to orient from "What do we need to DO" towards "What do we need to KNOW". The strategic intent or ambition must be clear for all to see, but act simply as a handrail for exploration.
Based on a survey of 2,719 respondents across the globe and interviews with 28 executives, MIT Sloan Review and SAS found that organisations achieving the greatest benefits from analytics are also much more likely to have a clear idea on how they recruit, develop and deploy key talent within their organisation.