Every companies in current world has at least embraced certain form of digital program. In order to increase the companies’ competitive edge, some would undergo analytic program as well. However occasionally you will heard complaints on failing analytic program. So how do you know whether your analytic program are delivering the result? Here are some signs:
- No clear vision for advanced-analytics programs – Often lack of understanding of the difference between traditional analytics (e.g. business intelligence and reporting) and advanced analytics (e.g. powerful predictive and prescriptive tools such as machine learning) from the top executives. In practice, the company ran a lot of pilot AI programs, but not a single one was adopted by the business at scale. The fundamental reason? Top management didn’t really grasp the concept of advanced analytics. They struggled to define valuable problems for the analytics team to solve, and they failed to invest in building the right skills. As a result, they failed to get traction with their AI pilots. The analytics team they had assembled wasn’t working on the right problems and wasn’t able to use the latest tools and techniques. The company halted the initiative after a year as skepticism grew.
- Poorly definite Key Performance Index (KPI) or Business value – Often it started with great enthusiastic to apply analytic tools and fancy dashboard for visualisation, with hope that it will benefit the organisation in someway. Without clear indication or business value, it will be difficult for the program to be sustainable.
- Blindly follow your competitor – When your competitor began using advanced analytic tools on its product, sometimes it creates anxiety among the executives for not doing the same. However, without strategic goals on how the advance analytics provide transformational opportunities to an organisation, it will undoubtedly fail to realise the full potential.
- Lack of talents and poorly defined roles – An organisation needs a variety of analytics talents with well defined roles. Business, Technological and analytics skills are the three critical element for as successful analytic program. Focusing on just one aspect of the three elements will cause distraction and misalignment in delivering the business value.