July 2023
Are you frustrated with your organization’s inability to fully realize the benefits of your data and analytics programs? Are your results realized so far not inspiring confidence in continued investment?
In this series of posts, I aim to distil my experience and share actionable insights specifically tailored for executive leaders. I hope to shed light on the strategic issues that may be hindering your organization’s success in this area.
#1 Lack of a shared vision: not seeing the full picture
To embark on a successful data and analytics journey, it is crucial to set up an organizational think-tank with a mandate to define a shared vision and direct the programs of work to realize value. Rather than diving in blindly or focusing on tactical steps like setting up a cloud-based data warehouse or a data platform.
Consider assembling a small group of leaders who can envision an end-state infused with technology-driven organizational capabilities. This core group should be able to break down this vision into manageable chunks of programs of work.
Think of it this way: A restaurant may have alluring menu cards, but the chef first needs to ‘imagine’ the dish and then bring it to life – through various stages, coordinating with experts to finally produce something that delights.
Similarly, your organization needs leaders who not only understand technology and not just recognize it but also have strategic insights into business value. A superficial understanding of value or technology lacks the vision to direct and govern the complexity of building organizational capabilities that drive business results and impact.
To define the future state of your organization, you need a think-tank that represents the right mix of perspectives spanning customer journeys, operational challenges, and technology. By bringing together these different viewpoints, you can effectively define and communicate the “what” and “why” of your business’s future state, aligning it with your business strategy and plans.
#2 Metrics to govern the iterative path and demonstrate progress
You also need metrics to measure progress at each stage of your journey. Crucially, having at least one person who comprehends technology, its opportunities, limitations, risks, and consequences for business transformation is pivotal to the success of this initiative. Relying solely on business leaders to form this think tank may limit their ability to grasp the full picture, potentially resulting in heavy reliance on external consultants or vendors.
By assembling a capable think-tank that includes both visionary leaders and technologists, you can drive your organization toward a future powered by data.
In my next post in this series, I will elaborate on the need for and the balance between experimentation and operationalization. I hope you find this series valuable and look forward to sharing more insights with you.
John Kuriakose