What's Your True North? Finding out how far away you are from achieving true Business Intelligence and Advanced Analytics Capabilities
- Dec 1, 2020 8:33 pm GMT
This item is part of the Special Issue - 2020-12 - Data Analytics & Intelligence, click here for more
Chances are your organization is capturing data, but are you using it to get the insights about your business to turn that into actionable decisions? Data is one of your organizations most valued assets. Every data point is meaningless unless you have a plan to make it worth something. What's your True North?
We use a Business Intelligence & Advanced Analytics Maturity Model to help organizations identify the capabilities needed to transform your traditional application or reporting solutions and embrace Business Intelligence and Advanced Analytics.
Traditional Application or
Business Intelligence and
Advanced Analytics Solution
Focused on a business process
Focused on optimizing business decisions
Based on business transactions or gathering data
Based on business questions
Supports tactical, operational activities
Supports strategic analytical activities
Focused on the current state
Focused on predictive* and prescriptive** analytics
Tabular spreadsheet type format
Graphic interactive user display with dashboards
Developed in application or Excel
Developed in BI platform
Real time reporting
Connected to workflow and automation
Everything starts with an assessment across (5) Capability Areas: Strategy, Data, Technology, People and Process. The assessment categorizes your organization into capability levels based on your overall Business Intelligence and Advanced Analytics maturity. In the most basic level, companies are only starting to generate benefits from data and use it reactively. Going forward, organizations begin to use data more in an informative way to support the business and improve processes, and then use predictive capabilities to lead decision making. In the final level data becomes a transformative force, driving the business and creating new value.
The assessment helps understand your current status, real challenges and constraints, and collaboratively develop a roadmap for moving forward. We use the roadmap and a proprietary process for obtaining strategic alignment that provides a solid foundation for eliciting and quantifying strategic priorities and objectives, identifying KPIs and metrics, and developing strategic initiatives. These initiatives can be systematically deployed throughout the organization in an agile format to improve the Business Intelligence & Advanced Analytics capabilities for the organization.
*Predictive Analytics - answers the question what will happen. This is when historical performance data is combined with rules, algorithms, and occasionally external data to determine the probable future outcome of an event or a likelihood of a situation occurring.
**Prescriptive Analytics - not only anticipates what will happen and when it will happen, but also why it will happen. Further, prescriptive analytics suggests decision options on how to take advantage of a future opportunity or mitigate a future risk and shows the implication of each decision option. Prescriptive analytics can continually and automatically take in new data to improve prediction accuracy and provides better decision options. E.g. Amazon makes book recommendations to you based on your previous purchases
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