Once analytics solutions are delivered by the analytics team to address core business challenges, the execution of the analytics is the next step. The decision makers and stakeholders who have championed the cause should ensure that any follow-up business actions are taken. Execution makes or breaks the company’s benefit from analytics. If you don’t execute and take action, you will not see the full benefit of analytics and will also be at a competitive disadvantage from other companies that are acting on analytical insights. This is one of the reasons that analytics execution shouldn’t be relegated to a single department; it should include all sections of the business that affect the customer experience.
As an illustration, let us consider an analytics project where the business goal is to increase customer coverage through new customers, as well as increased retention of existing customers. The analytics execution for that project should be based on a strategy that includes two principal tools:
The customer experience one-pager in Exhibit 16.3 provides information that gives a 30,000-foot view of the suggested solution and measurement of analytics execution. It is made up of two major components. The first component is an outline of the customer relationship management (CRM) stages: it lays out customer life cycles from prospect to churn. The second component is the core ...