As organisations engage with customers across an ever increasing variety and number of touchpoints, every new interaction adds potential value to their customer data asset bank. The reality for many organisations however, is that much of this value remains locked up in their CRM database. Or worse the data is dispersed across multiple systems and locations and its potential value remains difficult to access by the very decision-makers who need it most.
The explosion of digital channels and the resulting volume, variety and velocity of data produced is accelerating the need for businesses to become data-driven and data-savvy. Building analytics capability is now an imperative.
Many traditional businesses are lagging behind their ‘digital native’ counterparts who are using advanced data analytical tools and insight generation as the foundation for disruptive new business models.
It is little surprise that marketing teams everywhere are loudly clamouring for better access to data and seeking support to build their analytics capability.
Not sure where to start?
Ajna Marketing Zone can help you build your analytics capability. Depending on your requirements we can
- Evaluate your current analytics capability – using our Analytics Evaluator
- Build a business specific roadmap to rapidly build capability – via our Analytics Pathfinder
Analytics – a Journey
Our approach is based on Gartner’s analytics capability journey which recognises that businesses are operating at different stages.
Your business may still be operating a ‘rearview mirror’ reporting focus. This is descriptive analytics – describing historical performance and trends along established business KPIs. Or you may be one stage beyond this. You are using diagnostic analytical tools and processes to understand why it happened.
A step change in capability occurs when businesses seek to implement predictive analytics solutions. This is where your focus shifts to predicting the likelihood or probability of something happening. Models are developed that score or rank customers (or indeed products /processes) on their likelihood to behave in a particular way. For example likelihood of a customer to respond to a particular offer or a process to fail.
The level of sophistication beyond predictive analytics is usually referred to as ‘optimisation’. This is where analytical solutions become embedded into business processes and help decision-makers choose from a range of options – so–called prescriptive analytics.
Our Analytics Evaluator is a diagnostic tool that allows us to understand your organisation’s current Analytics capability. It recognises that businesses are at different stages along the journey. Our strength lies in our independent and objective view of your situation. We are technology agnostic. Critically important is that we will drive an evaluation from a business and customer-centric rather than simply technical view.
Specific areas we can help include
- Business case development
- Procurement and tender preparation support and evaluation
- Business requirements – tactical, operational, strategic
Unlike art… analytics for analytics sake will not drive value!
Your analytics strategy must remain close to your customer and customer experience strategy. It cannot become an IT pet project nor be the remit of an analytics specialist team only. Your analytics capability is closely aligned to your data strategy for it to really work.
Our Analytics Pathfinder approach is built on ensuring your customer analytics strategy is built on a philosophy of democratisation. That is it is built on the principle that end users – be they people or customers stand to benefit. If aligned to process, staff and employees will benefit.
To further discuss your analytics dilemmas and opportunities contact us or click below to discover more about our other consultancy services: