Data Analytics Success

Data and Analytics are hot! This approach has been labeled the "new oil". Data and analytics can impact enterprise results by: reducing costs, increasing revenues and addressing risks.

Costs may be reduced by:

• Negotiating improvements in supply
• Dropping unprofitable products and customers
• Reducing waste due to low quality

Risks may be addressed by:

• Avoiding problems such as poor credit risks

Revenues may be increased by:

• Understanding and better serving customers
• Focusing on the most profitable products and customers
• Cross selling to customers
• Capitalizing on trends
• Growing marketing opportunities

This sounds wonderful - but how can these benefits be realized? Successful Data and Analytics efforts require the right mix of:

• People: mix of the right people in the right roles.
• Process: sound project management coupled with the best practice methodologies.
• Plans: effective strategies, roadmaps, business cases and project plans.
• Technology: appropriate tools to architect, design, develop and sustain Data and Analytics.
• Data: clean and appropriately structured data are the raw materials.
• Algorithms: models that describe, predict and prescribe.