Business Transformation: A Roadmap for Maximizing Organizational Insights

CHAPTER 2

The Journey: Taking the First Steps toward Transforming Your Organization

What we've learned so far: Business insights hold significant value for organizations in all industries and domains despite the fact that research suggests that 70 percent of organizations haven't achieved a level of maturity where appropriate business insight is developed and used effectively to drive decisions and validate strategies. So, the next question is, “Why?” Why are organizations not producing all the business insight they need or, even, why are they not producing sufficient insight to understand their customers' behavior and properly manage their risk using all the information they already have?

DIFFERENT APPROACHES

To answer the question of why this happens, let's think about the capabilities that exist in business units. When business units have a need to answer a business question, they typically use their business perspective and interpretation of their own performance to guide this process. They perform these tasks on a daily basis in any way they can to meet their deadlines. This may include using the IT team for some support. The same process is also completed when the organization as a whole has a need to produce, let's say, compliance reports to submit to regulators. The accuracy of these reports may not be the best an organization can produce. Furthermore, these processes are lengthy, especially if they require getting information from other business units. And, finally, these ...