Best Analytics Practices
Just read an interesting article by Babson-Professor Thomas H. Davenport in the Harvard BR of January 06 about how companies compete on analytics.
What I liked most was a handy top-10 of Best Analytics Practices, thought I'd quickly share it with you guys:
- Apply sophisticated information systems and rigorous analysis to both your core capability and other functions.
- Executive team recognizes and focuses on the importance of analytics capabilities.
- Treat fact-based decision-making as a part of the company culture.
- Hire the very best analytical people.
- Manage analytics at the enterprise level.
- Apply proprietary metrics for key business processes.
- Share data and analysis with customers and suppliers.
- Generate information whenever possible and create a "test and learn" culture.
- Has been building analytics capabilities for several years now.
- Make your quantitative capabilities part of your corporate reputation.