Don’t we all want big data to boost our business and bring us that huge treat of hikes and profits we all keep hearing about? But the question is, how do you do it? How do you integrate data and analytics into every small operation of your organization to boost your business?
To start with, it’s really important to have the right kind of tools to exploit the full potential of the data. But when one doesn’t have the right kind of tools, the whole process of data and analytics falters, and the insights that can benefit the organization are not delivered.
But a data and analytics system is more than just technological capabilities. It can become the pulse of the organization when integrated successfully with functions like marketing, supply chain, customer experience etc.
So how do you go about building your very own data and analytics system?
Start by building an umbrella strategy that includes a clear understating of what you want to do. One company that is taking full advantage of this is a Major American sports league who is using data and analytics to reduce expenses. For eg- They reduce the need for the team to fly from one to it to another for back to back games. For the season of – 2016-2017, a number of variables like player fatigue, ticket revenue, arena availability etc. needed to be taken into account. So among 30 teams, 1230 games stretching from October to April, a trillion scheduling possibilities where there, which could have been exploited.
The league used data and analytics to arrive at a schedule that:
- Reduced the number of games teams played on consecutive nights by 8.4%
- Reduced instances of teams playing four games in five days by 26%
- Reduced instances of teams playing five games in seven days by 19%
- Increased the number of consecutive games teams played without traveling by 23%
- Allowed each team to appear on one of the league’s premier TV networks at least once, a success that had not been achieved in the league in any prior year
Now, this is a great example to follow in for the footsteps of, but before jumping into action, it’s very important to keep have the top management in the loop. Avoid making new strategies in silos which can not only make people felt out but also as if they have no choice in the matter.
Another aspect to keep in mind before making a strategy is to know what is the purpose of it? is it improve the performance or jump-start cost and efficiency. Drive strategy and accelerate change? Increase market share? Innovate more effectively? Or all of it?
It is really important to have the purpose figured out. In one example, a large global life agency spent a significant sum on building an advanced analytics platform, but no one really understood what the advanced tools were supposed to accomplish for them. In another case, a huge financial services organization built a robust platform based out of stakeholder needs but soon realized that they lacked the organizational structure and people to use it fully.
While the structures may vary for each organization, it is important that it be seamlessly embedded into the company’s workings to give the most benefit.
Looking to build your own data analytics strategy? Contact us at Datahut, your big data experts.