26 Jul Planning an Analytics Project? Key Points Every CIO Should Consider
Fortunately, business intelligence solutions that provide advanced analytics are finally coming of age and enabling businesses to get a real-time view into their overall business health and performance. Service providers now have the option to reduce their operational expenditures and improve the quality of the customer experience with advanced analytics solutions that help them to grow their business.
This is great news! So what do we need to consider in order to take advantage of the mounds of data we have accumulated over the past many years?
What are the Challenges?
Understanding and defining your business challenges are critical in determining how you will solve those issues. In regards to taking on an analytics project, the biggest hurdle lies in the complexity of the technology environment with seemingly no centralized source of truth:
- No system or tool in place that spans across the entire organization to track why churn rates are continuing to go high. Is there a network problem? Is there a service problem?
- Limited ability to track network performance after a technology migration – and how it impacted customers and service levels.
- Inefficiency in having to go through multiple systems and tools and then engage multiple resources to pull all the data together in a meaningful way just to understand where the problem lies.
A business intelligence platform that provides advanced analytics and a real-time dashboard view into the health and performance of your entire business.
Key Performance Indicators
You have identified that the problem is not that you don’t have the data. Rather the problem is you don’t have a centralized system to tap into that data and measure it against performance indicators that you want to see. From the CIO/CTO office perspective, there is at least one of the following three goals in which you want to measure performance of the business to:
- Control rising operational costs
- Optimize the customer experience
- Deliver new offerings to market faster than the competition
Collaborating with stakeholders
The complexity in the service provider environment is so overwhelming, with too many systems providing silo’d buckets of data to silo’d functions across the organization. This leaves operations, IT and other teams across the organization unable to determine where the data is and how to access it. Identify the stakeholders attached to the project goals and understand: How do they operate? What decisions do they need to make and how do they do it?
Selecting the right technology
Today’s networks and IT systems have grown increasingly complex. The rise of new applications, services, devices, partnerships and technologies have resulted in an excess of separate IT and network systems that don’t interact. Advanced analytic systems can help pave the way to better understand the back-office and organizational data.
While there are many variables to analyzing data and presenting actionable information that will help service providers make more informed business decisions, selecting the right solution is paramount. Service providers should look for an adaptable, integrated platform that provides agility and easy access to business data across the entire organization. Some key capabilities would include:
- Pre-configured KPI’s for business management
- Technology agnostic to collect data from different sources and tools
- Multi-dimension analysis in order to correlate data from unrelated sources to provide unique insights
- Predictive analytics for accurate and dependable forecasting
With the right solution you will more easily manage the complexity of business to not only improve the health and performance of your organization but also differentiate in this highly competitive marketplace.