Companies are under constant pressure—to innovate, to increase market share, to enhance operational efficiency and to transform challenges into opportunities, among other demands. As better-informed decision making can create valuable opportunities to alleviate these pressures, many companies are accelerating their investments in analytics capabilities and strategies.
An analytics strategy can be different for every company, with some building capabilities across functional silos, while others establish a “center of gravity” for analytics and become an insight-driven organization.
In a recent study, Accenture Analytics looked into how organizations are implementing analytics operating models, and found some stark differences that separate the most analytically mature companies from the rest of the crowd. Companies that want to get ahead of the game should master the following five key actions, which are exhibited by the most analytically mature companies to get the most value from their data.
According to our research, more than three-quarters of companies with the highest level of analytics maturity have established an analytics center of gravity, or center of excellence, that focuses on strategy and planning activities, on establishing consistency and standards, and on building new capabilities. This model increases an organization’s ability to quickly and seamlessly identify important business problems and swiftly apply analytics insights to deal with them.