Many CEOs have dedicated a lot of their own time to implementing analytics programs, appointed chief analytics officers (CAOs) or chief data officers (CDOs), and hired all sorts of data specialists.
However, too many executives have assumed that because they’ve made such big moves, the main challenges to becoming analytics-driven are behind them. But frustrations are beginning to surface; it’s starting to dawn on company executives that they’ve failed to convert their analytics pilots into scalable solutions. (A recent McKinsey survey found that only 8 percent of 1,000 respondents with analytics initiatives engaged in effective scaling practices.)
- The executive team doesn’t have a clear vision for its advanced-analytics programs
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No one has determined the value that the initial use cases can deliver in the first year
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There’s no analytics strategy beyond a few use cases
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Analytics roles—present and future—are poorly defined
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The organization lacks analytics translators
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Analytics capabilities are isolated from the business, resulting in an ineffective analytics organization structure
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Costly data-cleansing efforts are started en masse
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Analytics platforms aren’t built to purpose
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Nobody knows the quantitative impact that analytics is providing
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No one is hyperfocused on identifying potential ethical, social, and regulatory implications of analytics initiatives