Blogger: Marcus Collins
IBM recently published a report that states that while 75% of organizations recognize the opportunity for analytics only about 15% have a well developed analytic capability. This mirrors the finding of a 2008 report published by Accenture.
The current economic climate and highly competitive nature of today’s business environment requires that the traditional approach of making decision, based solely on intuition and gut instinct, be replaced by one where a rigorous information and fact based analysis process guides the decision making.
Given this landscape, what can organizations do to ensure an effective business intelligence initiative? As we analyzed both the successes and failures of business intelligence projects, a number of critical success factors emerged:
- Having the right analysis process
- Having access to the right information
- Having the right context
- Having the ability to make decisions at the right time
- Having the right leadership
- Having the right team dynamics
- Having the right people
- Choosing the right problem
None of these factors involve tool deployment – many organizations have already made the investment in the analysis tools – rather they focus on the softer process and organizational aspects.
The key recommendations are that analysis should follow a clearly defined process with a focus on the reliable delivery of business value; that the analysis initiative should be led by the business, with strong involvement from IT and that organizations should embark on a proof of concept to both refine the internal processes and as a poster child for a wider deployment.
In document to be published in early June and a series of telebriefings on June 2 and 3, Burton Group Senior Analyst Marcus Collins will explore in detail each of these critical success factors and provide guidance on how organizations can develop a roadmap for the successful deployment of a fact-based decision making culture.