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Developing an Analytics roadmap allows you to select relevant Advanced Analytics use cases that are aligned with your business strategy, which is key to generating the maximum return on investment.
Oct 01, 2020
5 Key Phases for Selecting Advanced Analytics Use Cases
Brainstorming: Generate all possible Advanced Analytics use cases that can be implemented and will generate value. In order to do this, it is necessary to involve all areas of the business, IT, and Data Science. The Data Science area is essential for providing knowledge about algorithms and methods to solve problems and provide examples of experiences from other industries that apply to your industry or business area in question.
Prioritization: Prioritize use cases according to business impact and ease of implementation.
The business impact is based on the generation of new revenue sources or an increase in current revenue, the reduction of costs, or from a qualitative point of view, an increase in customer or employee satisfaction, etc.
Regarding the ease of implementation, it depends mainly on three factors:
Analytics: Are there solutions or algorithms that can solve the problems with the required reliability and precision?
Systems: Do we have or can obtain the necessary data with sufficient quality?
Organization: Is the company ready to implement and get the most out of the use case? Are the insights obtained actionable?
Based on these three criteria, we can prioritize a list of use cases to develop within a reasonable time. In other words, you should only plan for a maximum of two or three years because business changes quickly. It does not make sense to plan beyond.
Business case: Develop a business case for each use case that details the associated costs and the expected impact on those relevant business KPIs that can be measured both during the development of the use case and when it is already operational.
Action plan: Define an action plan that maximizes the return on investment for the business. The plan should be fairly detailed and specific for the short term - one year - but flexible for the long term.
Review and follow-up: The roadmap should be reviewed on an annual basis because the criteria on which we prioritize use cases may have changed. Plus, new algorithms and use cases could have been developed in the last year.
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