Advanced data analytics, ensuring business as usual

This is the default value for this text field
Author: Dirk, MD  
   Last updated: August 3, 2017

It’s easy to get excited about advanced data analytics, I mean who isn’t be impressed by a technology that allows you to quickly perform scenario modelling so you can better serve customers, predictably, what they need before they knew they needed it!?

89% of business leaders believe Big Data will revolutionise business operations.

That’s a fairly telling statistic.

The trouble with new tools that allow you to do things you couldn’t do before, like recommending specific financial services to online buyers, or mining customer mortgage data to recommend better products for home owners, is that they don’t create real value unless individuals incorporate these new technologies and practices into day-to-day operation.

This means instilling a change in company culture.

Bringing advanced data analytics tools into your organisation can help you clone your best actuaries, risk analysts and modellers so that you get better, faster decisions in every situation that requires human judgment. But you will have to confront people’s natural reluctance to adopt new ways of doing things.

Here’s three methods for getting workers to embrace advanced data analytics:

1. Collaborate before rolling out

People often fear analytics tools because of a lack of understanding. The best way to overcome any reluctance is to involve key business unit stakeholders into the initial design and development process. Gaining their financial knowledge and buy-in will make it easier to roll out a solution that front line operators will adopt and use.


2. Involve marketing in the rollout

The tech-savvy experts who create and introduce analytic tools aren’t necessarily the best people to tell everyone why the tools are important. As professional communicators, marketers, are well placed to develop a rollout plan for analytic tools.

3. Use a trial group

To encourage uptake, pinpoint a focus group, perhaps a sales unit that is behind plan, where the reps are unlikely to earn their bonuses. The sales team will be likely to embrace anything that might boost their results. When they see their unit’s results improving—they will begin talking it up to their colleagues in other units. After a short time you will find others clamouring for it.

Early in the process, you will want to assess the specific risks you are likely to encounter and develop a plan to mitigate them. But these three approaches will help sceptical people overcome their reluctance to incorporate advanced data analytics into their processes.

Topics: Analytics, Data, Finance

KNOWLEDGE IS POWERGet weekly email insights from RedPixie

Free GuideLearn how to choose the right IT partner with our free guide
surface banner.jpg