The first research report issued by the Vision to Value: The Economics of Data (V2V) Best Practice community will be launched on Thursday, January 25th, at a live meetup in downtown Toronto.
Developing the Analytics Business Case is based on input from a dozen professionals with deep knowledge of analytics use within Canadian organizations. The group included financial executives and technical management from buy-side organizations, academics and policy professionals, consultants who work with clients to develop fact-based strategies, and technology suppliers with senior executive and marketing experience.
In the working group session that provided input to the report, these members contributed insights into the key issues involved in creating a comprehensive and robust analytics business case. Informed by the breadth and depth of the contributors’ experience, the analysis in the report gives readers practical guidance that will help make the analytics business case a powerful element in organizational strategies that emphasize use of data to inform corporate decisions and actions.
The first section of the report examines the rationale for developing an analytics business case. It reviews process drivers and target outcomes, and discusses methods of building alignment into the business case development process, to ensure that the process and outcomes smoothly connect executive objectives with analytics project processes, structures and results.
The second section of the report drills down into the business benefits associated with developing the analytics business case. It examines four related issues: internal data management, internal project outcomes, ‘bridge’ objectives that connect internal and external actions, and external outcomes. Each area is illustrated with three important objectives that will help the analytics professional to incorporate multiple analytics benefits into a coherent set of process objectives.
The final sections of the reports deal with best practices in analytics business case development and in the metrics and milestones that are applied to the process. The Best Practices chapter centres on five core principles that analytics professionals can use to enhance their own analytics business case development; all readers will benefit from the guidance reflected in this list. The metrics and milestones section contains insights into how best to calibrate and measure the path to analytics success, and reflects an understanding of the different business contexts that shape the journey and measurement.
The report is being released at a Meetup on January 25th. The session, which is being hosted by V2V sponsor Information Builders at its York St. (downtown Toronto) location, will begin with a brief review of report findings by lead analyst Michael O’Neil of InsightaaS. A panel that includes three of the working group members – Dean McKeown of the Queen’s University Smith School of Business, Michael Proulx of Pride Conflict Risk Management, and ex-Markham Stouffville Hospital finance EVP May Chang – will then discuss the core issues associated with developing the analytics business case, and will participate in an open Q&A session. The last hour of the event is reserved for a networking reception, at which analytics professionals will have an opportunity to ‘talk shop’ with industry peers. All session attendees will receive a copy of the Developing the Analytics Business Case report.
There is no fee for attending the Meetup, but attendance is restricted to professionals active in the analytics industry, and space is limited. If you are interested in being part of the discussion and receiving a copy of the report, please send an email to firstname.lastname@example.org.