The key role played by Data and Analytics in developing business foundations

Most businesses that have been operating successfully in the modern times are infusing a combination of Data and Analytics in their strategies. A common misconception that had been existing for a long time was to consider Data Analytics strategy as being something limited to Program Planning. They have raised questions on why they need to use data and analytics after already having taken the decision of what they need to do going forward. This is a thought process that is rapidly changing in the modern world.

Businesses are now exploring how they can make use of data and analytics to fundamentally change what they have been doing including all aspects of their operations. The goal for most successful companies is to create business strategies that are bolstered with data and analytics.

Data-driven vision:

A data-driven vision facilitates the creation of a statement that projects an organization's institutional needs. This involves multiple processes including scanning of the operational environment. In this process, you explore the external factors that can create an impact on your strategy creation including different economic and social trends. The comprehensive analysis of the Business Model allows you to consider all relevant data pertaining to your assets to determine whether they are being utilised to their full potential across all business components. It provides you with a framework to identify whether you have actually not optimised the performance of several of your assets and also identifies opportunities that can facilitate ideal utilisation. Therefore, it is critical that a vision is initiated even if initially restricted to the internal team and ensuring that this vision becomes part of the communication process when you are connecting with various stakeholders involved. This can be followed by involving all parties to develop this data-driven vision even further incorporating other analysis thereby ensuring that intelligent monitoring is a continuous process.

Always remember, “Plans and Strategies are susceptible to change but your focus always needs to be vision-centric.” Therefore, creation of a data-driven vision should highlight contributions being made to the following factors:

• The strategic goal that needs to be achieved.
• The different stakeholders for whom the strategic goal has been created.
• The actions that are being taken to address these goals.

Main questions that need to be answered:

The act of creating a Data and Analytics driven strategy towards shaping the foundation of your business involves answering four critical factors that address both Stakeholder Outcome and Value propositions:

• Identification of your internal and external stakeholders.
• Knowing the goals of the stakeholders, not just limited to your business but incorporating their life goals as well.
• Identifying the initiatives that need to be taken for creating not only excellent value proposition but also contributing to the stakeholder goals.
• Creating tools that can help measure the results encompassing all the above-mentioned parameters.

Analysing Stakeholder Outcomes:

Analysing inputs from stakeholders is a critical activity for unlocking new opportunities due to the following contributions made:

• This gives added momentum to your data-driven vision.
• You can be able to identify the most critical outcomes from a stakeholder’s perspective.
• This helps in successfully mapping the journey taken by your customers.
• You can drive innovative activities centred around outcomes that will be delivered to your stakeholders.

How does Anaplan facilitate this process?

Anaplan is hyperscale computing applied to help organizations gain improved operational insights, create forecasts, and develop improved business strategies. Designed specifically to solve data and analytics challenges with clarity and collaborative power, the Anaplan platform makes it possible for companies to succeed at any scale of complexity. With predictive power and integrated multi-dimensional analytic capability, Anaplan helps companies convert constant change to their advantage.

Anaplan has been able to deliver a technology-driven business discipline wherein the IT Team works in collaboration with different business functions ensuring that the foundations of the company are shaped effectively. It has been able to make multiple businesses aware of the important role that data and analytics play in defining the vision statement of the organization that can help them capture all opportunities within the market. It also helps identify the initiatives that need to be taken for capturing the opportunities in sync with the budgets available.

Strategic planning using Anaplan-enabled Data and Analytics involves the following steps:

• It starts by identifying the goals and missions of the organization.
• It helps determine the strategic impact that Data and Analytics can have on achieving these goals.
• This is followed by prioritising the steps that need to be taken for realising these business goals through Data and Analytics.
• A strategic roadmap is then created.
• This is followed by the implementation of the roadmap using consistent and latest operating models.
• The entire process is measurable and the impact of the campaign along with results is clearly visible thereby gaining credibility for better execution.

To know more about how Anaplan is transforming organizations, click here.