Faced with a growing need to adapt and optimize business models in a digital landscape, organizations have been steadily increasing their investments in the Analytics and Digital Transformation space. However, even as these businesses continue to invest in and build their analytics practice, they continue to question the ROI from these investments—which is mainly a fallout of their inability to scale up. Surely the year 2020 saw both growing adoption and investment in analytics initiatives but enterprise-wide scale-up still remains a challenge. In fact, the CPG industry particularly shows usage of analytics in a very lopsided manner, that is, a few functions have embraced it and continue to build on it, while others are still at initial stages.
Having said that, it is also true that the organizations that have been able to scale up their analytics and digital maturity at an enterprise level have yielded gains upwards of 10% in top-line and 5% in margin impact on average. Kearney’s study on the ‘The Value of Analytics in 2019’ showed similar results, with the additional finding that leaders (mature analytics companies) often exhibit the least variance in returns and that forward-thinking decision-makers often persist and grow their organization’s analytics maturity, looking beyond percentages and at the uplift in dollars instead.1
So what’s stopping organizations from realizing the value of scaled analytics?
Here are some KEY PITFALLS that have prevented organizations in their enterprise-wide scale-up across the spectrum of uses cases:
Although the above mentioned pitfalls in analytics implementation and scale-up are not absolutely difficult to overcome, they are often missed or not given enough importance, leading to subpar gains.
At Course5 Intelligence, as we work with Fortune 1000 CPG organizations across the globe, here are some solution approaches that have helped our clients and can perhaps help you move the needle in the right direction —
At Course5 Intelligence, we use the below Decision & ROI Lead approach to help our clients by not just providing the analytical ammunition, but walking with them right from ideation to adoption and activation. After all, that is when true transformation is delivered. We believe in “consumer-first” and that the consumer–market–category dynamics would continue to evolve, and hence our approach builds in the agility required for meaningful digital transformation.
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About Course5 Intelligence:
Course5 Intelligence drives digital transformation for businesses through analytics, insights, and artificial intelligence. The company helps organizations make the most effective strategic and tactical decisions related to their customers, markets, and competition at the rapid pace that the digital business world demands. Course5 Intelligence creates value for businesses through 360-degree data convergence and actionable insight.
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