Achieving Analytics Excellence Part one: Organizing the analytics |
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Now more than ever, companies rely on their information systems to provide critical data on their markets, customers and business performance in order to understand what has happened, what is happening – and to predict what might happen. They are often challenged, however, by the lack of common analytics knowledge, standards and methods across the organization. To solve this problem, some leading organizations are extending the concept of Centers of Expertise (COE) to enterprise analytics.
Many companies already have COEs in other functional areas like data governance and IT, where they marshal the most desirable enterprise resources to analyze and develop solutions to the most complex problems in a particular business function. With these COEs, they have realized benefits such as reduced costs, enhanced performance, more timely service delivery and a streamlining of processes and policies. Likewise, an analytics COE brings together a community of highly skilled analysts and supporting functions, to engage in complex problem solving vis-à-vis analytics challenges facing the organization. The analytics COE fosters enterprise-wide knowledge sharing and supports C-level decision making with consistent, detailed and multifaceted analysis functionality.
This article is the first in a two-part series by Jane Griffin, Americas Deloitte Analytics Leader, on designing, organizing and building an analytics COE. It outlines strategies to overcome some of the more difficult challenges encountered while organizing the COE, as well as provides guidance for moving to the next step in the COE life cycle – planning for its future growth.
Achieving analytics excellence
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