Based on our experience and through interviewing other analytics leaders for our book, Win with Advanced Business Analytics, we have noticed several common themes regarding companies that are successful with analytics initiatives versus those that are not. From this knowledge, we created the framework that we call the Business Analytics Success Pillars (BASP). The BASP captures the key activities and similarities that thriving and successful business analytics functions share.
The BASP can be used by the analytics professional as a self-check on what is being done well versus what is not done well. The BASP can also be used by a non-analytics business leader to assess what is working with analytics and what is not.
The BASP framework contains seven pillars that we believe are critical to successful analytics implementation. The pillars are not designed to be followed in any particular order.
Regardless of your specific situation, the pillar framework can be thought of as similar to the foundation of a house—you need all of the areas of support in order to make the house stand strong and not collapse. Therefore, the goal of the BASP framework is to focus your organization’s attention on those areas that are key to analytics success and will lead to the greatest return on investment.
The BASP framework is made up of the following pillars:
- Business Challenges. Align analytics initiatives to the most pressing business problems your organization needs to address.
- Data Foundation. The data foundation that will support the business analytics process must be strong in terms of reliability, validity, and governance.
- Analytics Implementation. Ensuring that analytics solutions are developed and provided to the enterprise with the end goals in mind is crucial for success.
- Insight. Analytics must transform data from information into intelligence and insight for the organization.
- Execution and Measurement. Analytics must be put to work and must lead to organizational action, as well as provide guidance on how to track the results of the actions taken.
- Distributed Knowledge. Analytics must be communicated in an effective and efficient manner, as well as made available to as broad a group of stakeholders as is appropriate.
- Innovation. Analytics must be relentlessly innovative, both in analytical approach and in how it affects the organization, by developing solutions that will “wow” customers.
We believe BASP is a framework a CEO can get behind, yet the individual analyst or manager can also use as a blueprint to take analytics to the next level at her organization. Although following the BASP framework takes focus and coordination, your analytics initiatives are sure to succeed by emphasizing excellence in these areas.