The Value of Business Analytics: Identifying the Path to Profitability

MEETING AND OVERCOMING THESE CHALLENGES

These are all very real challenges, faced by many teams on a daily basis. Unsolved, they create barriers that prevent the creation of competitive advantage. However, that is not to say that they cannot be resolved.

To successfully communicate the value of business analytics, you must remember four things:

1. Money talks. Not linking what you are doing back to tangible returns will lead to a lack of interest.

2. Everyone is different. Not tailoring your messages will lead to a lack of understanding.

3. Ideas are a dime a dozen. Not delivering will lead to a lack of trust.

4. Prove it or it is not real. Not measuring your success will lead to a lack of future commitment.

In Chapter 4, we will review what value means and various ways of measuring it. We will look at the core elements of building a business case around business analytics, methods for getting buy-in into a business case, and the balance between strategic and tactical value.

In Chapter 5, we will review a number of strategies to improve the efficiency and effectiveness of communicating the value of business analytics. We will look at communication preferences, cultural considerations, and ways of creating a desire for change.

In Chapter 6, we will review the importance of developing an execution plan. We will look at ways to manage uncertainty, approaches to dealing with insufficient resource coverage, and the role of road maps in consistent value delivery through business ...