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Most companies are not succeeding with advanced analytics. But you can.

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Recently we have posted on the Decision Management Solutions blog about a couple of interesting pieces of McKinsey research that discuss the unfortunate truth – most companies are NOT succeeding with advanced analytics.

First, there’s this general research How More Companies Can Maximize the Potential of Analytics:

“Senior executives tell [McKinsey] that their companies are struggling to capture real value. The reason: while they’re eking out small gains from a few use cases, they’re failing to embed analytics into all areas of the organization.”

McKinsey identifies three key challenges:

  1. Aligning on strategy
  2. Building the right foundations of data, technologies, and people
  3. Conquering the last mile by embedding analytics into decision making

Second is a piece specific to insurance, but likely typical of companies in other industries, that identifies that 80% of insurance carriers aren’t delivering high impact analytics (and I suspect most the others are only doing so very narrowly).

Why aren’t they succeeding? 38% of those surveyed cited a failure to integrate analytics into the frontline – more than cited poor data quality or a lack of strategic support.

What these research reports have in common is the identification of the importance of not just developing analytic insight, but actually embedding it in front-line workflows and systems – by using it to drive better operational day-to-day decision-making.

We have found that a straightforward, three step approach addresses this:

  1. Begin with decisions, not with data
  2. Begin with operational decisions, not strategic ones
  3. Begin with an agile analytic deployment platform, not with visualization

Check out the blog posts and the underlying research. And when you’re ready to succeed with advanced analytics, contact us.

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