Across different industries, companies that get more value from their data are outperforming their competitors. These businesses treat data as an asset. They curate and interrogate it scientifically, and build a managerial culture which sets a premium on action informed by analytically derived facts.
Download our latest article to find out why business services are a good home for analytics: 'Four reasons why analytics is key to brilliant business services'
This article explores more about:
1. The exploitation of cross-functional data
A lot of the value from analytics comes from interrogating data sets across the company, which can change the way organisations think about themselves. This means a mature business services organisation can analyse data across finance, IT, HR, procurement, sales and marketing, and operations, enabling a more complete examination of the variables which have the greatest impact on business performance.
2. Cross-functional governance
Business services organisations typically have a common approach to governance, structured by business process and serving multiple business units. This means they are well placed to reduce duplication of analytical effort, but also to be responsible for standards and promoting data quality across the enterprise.
3. The rationalisation of technology investment
As in other areas, technology is a key enabler for an effective analytics capability. The analytics technology market is already crowded however, and finding the right solutions can be time consuming and expensive. Multiplied across the individual functions and business units which require access to data, reporting and analytics, there is scope for technology investments to get out of control. Instead, creating analytics as a service, with responsibility for managing investment in technology and data across business services, is more likely to ensure decisions are taken with the whole organisation in mind. This will likely be more cost effective, reduce technological complexity and focus investment to enable more powerful analytical capabilities.
4. Analytics talent will have a home
Organisations are typically unfamiliar with attracting, developing and retaining analytics talent. This matters in a world where the talent is expensive and scarce – globally, the labour market is short of some 350,000 data and analytics professionals, according to McKinsey. But locating analytics in business services creates the opportunity to recognise analytics as a distinct.
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