The Value of Business Analytics: Identifying the Path to Profitability
TURN YOUR CHALLENGES INTO SUCCESSES – LEARN HOW AND WHY SOME TEAM STRUGGLE AND SOME SUCCEED
This groundbreaking resource defines what business analytics is, the immense value it brings to an organization, and how to harness its power to gain a competitive edge in the marketplace. Author Evan Stubbs provides managers with the tools, knowledge, and strategies to get the organizational commitment you need to get business analytics up and running in your company.
Drawing from numerous practical examples, The Value of Business Analytics provides an overview of how business analytics maps to organizational strategy and through examining the mistakes teams commonly make that prevent their success, author Evan Stubbs uncovers a four-step framework which helps improve the odds of success.
Built on field-tested experience, The Value of Business Analytics explains the importance of and how to:
- Define the Value: Link analytics outcomes to business value, thereby helping build a sense of urgency and a need for change.
- Communicate the Value: Persuade the right people by understanding what motivates them.
- Deliver the Value: Link tactical outcomes to long-term strategic differentiation.
- Measure the Value: Validate wins and deliver continuous improvement to help drive ongoing transformation.
Translating massive amounts of data into real insight is beyond magic—it’s competitive advantage distilled. Nothing else offers an equivalent level of agility, productivity improvement, or renewable value. Whether you’re looking to quantify the value of your work or generate organizational support, learn how to leverage advanced business analytics with the hands-on guidance found in The Value of Business Analytics.
Drawing on the successes and failures of countless organizations, author Evan Stubbs provides a reference rich in content that spans everything from hiring the right people, understanding technical maturity, assessing culture, and structuring strategic planning. A must-read for any business analytics leader and an essential reference in shifting the perspective of business analytics away from algorithms towards outcomes.
Learn how to increase the odds of successful value creation with The Value of Business Analytics.
Chapter 1 Introduction and Background 1
The Power of Information 1
Modern-Day Magicians 3
The Secret of Success 5
Chapter 2 The Importance of Business Analytics 9
Business Analytics: A Definition 10
Role of the Organization 13
Reasons behind Strategic Planning 17
Business Analytics and the Traditional View 25
Business Analytics and the External View 28
Business Analytics and the Internal View 35
Business Analytics and the Customer View 39
Fostering Innovation and Invention 44
Delivering Value through Renewable Return 46
Chapter 3 The Challenges of Tactical Delivery 53
Core Vocabulary 54
Common Team Structures 66
Roles and Responsibilities 68
Challenges of Applying Business Analytics 83
Finding the Path to Profitability 85
Selling the Value of Analytics 86
Meeting and Overcoming These Challenges 90
The Four-Step Framework 97
Chapter 4 Defining the Value of Business Analytics 99
Why You Need to Define the Value 100
Different Types of Value 103
Role of the Business Case 108
Identifying Tangible Value 115
Identifying Intangible Value 131
Simulating Business Cases 134
Practical Example: Reducing Churn in Telecommunications 140
Chapter 5 Communicating the Value Proposition 147
Why You Need to Plan Your Communication Strategy 148
Need for a Communication Strategy 154
Awareness and Information Relevancy 158
Organizational and Societal Cultural Considerations 163
Conceptual Relevancy 172
The Path to Persuasion 178
Practical Example: A Forecasting Model for Planning 182
Chapter 6 Creating the Execution Plan and Delivering Value 189
Why You Need an Execution Plan 190
Role of the Execution Plan 194
Establishing Direction 195
Delivering to the Plan 215
Dealing with Resource Constraints 216
Planning for Success 220
Practical Example: Social Network Analysis 229
Chapter 7 Delivering the Measurement Framework 235
Why a Measurement Framework Is Essential 236
Role of the Measurement Framework 241
Measuring What Is Important 247
Establishing a Measurement Framework 260
Delivering the Measurement Framework 263
Advanced Measurement Concepts 268
Practical Example: The Ongoing Growth of an Analytics Team 278
Chapter 8 Bringing It All Together 285
Sarah’s Challenges 286
The Light-Bulb Moment 288
Transforming the Organization 292
About the Author 317