Data and Analytics functions MUST shift their view to become value-driven rather than being a cost line item for organizations.

⚠️Data and Analytics functions MUST shift their view to become value-driven rather than being a cost line item for organizations.

There are generally two approaches a leader would build the D&A in the organization:
🔸Strategic approach: building the objective of the new function, understanding the current state, strategic roadmap, and design architecture, i.e., data governance and management, data modeling and quality, infrastructure, etc.
🔸Ad-hoc approach for Data and Analytics, which is to jump on the train hype and fulfill the FOMO of business leaders and executives in organizations.

Which approach do 🫵you think is going to be successful? Almost certainly, neither of them.

✨In any #banking #financialservices #insurance #BFSI #health and #government, the objective of Data and Analytics must be improving business operations. Otherwise, it is a technology function and a cost in the profit and loss (P&L) report. Improving business operations is the only objective that matters. It can be as simple as improving the day-to-day operation and making small incremental changes, or with innovation, moonshot projects, and so on. Either way, it is about the business operation and delivering business values.

🛑Neither of the approaches can achieve this goal without explicitly and intentionally establishing a decision management practice in organizations. Which is about understanding of business operations from the lens of business decisions:
🔹Put in place decision logs and audit procedures,
🔹Investigate and monitor decisions that are made on a daily basis,
🔹Capture business decisions,
🔹Model business decisions to smaller, more easy-to-understand decision units
🔹Identify the dependencies and relationships between business decisions and decision units
🔹Determine the impact of those based on decision logs and audits, then prioritize based on impact

⛳This is the way the data and analytics function can create a clear roadmap and blueprint on how organizations make and execute business decisions in relation to business operations. It does not need to be a big-bang approach; decision management practice can be established iteratively across different functions, groups, departments, teams, etc.

💣Establishing business decision management in the organization must become the first job of every #data and #analytics leader #CDO.

🚀Once that is established, the team creates the roadmap and blueprint for business operations using the Decision-Centric Approach® https://lnkd.in/gcWUy9eU. It will guide the data and analytics leaders in navigating from strategy to design architecture and implementation, which guarantees the improvement of business operations.

#decisioncentric #decisionintelligence

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Published April 22nd, 2024 at 07:30 am