Let Competition not hijack your Analytics Strategy
“Since I have not gone to the moon, doesn’t mean that Neil Armstrong has not already gone there” was my response to a group of audience which was contemplating on the application of analytics in heavy industry and also the success stories from the early movers. The deliberation was to sense the size of the opportunity window where analytics can add value to the business in heavy industry but unfortunately, the direction of the discussion seemed to be too “competition” centric.
In general, practitioners across the industries try to analyse the analytics use cases from other players before they decide to make an investment in analytics. Understandably, a broader sense of case studies from the competition should be seen as an external indicator but this cant be the main premise to design an analytics strategy. One can debate however chasing the competition’s analytics journey may not be an effective strategy to seize the value of analytics in an organization. This loses the focus on internal business issues and strengths. Therefore, the strategy to use analytics would not be customized enough to get effective results faster. Instead, the organization must find the internal sweet spots where it can leverage analytics for decision making. The mindset must be to capitalize the analytics advantage to build an internal strength not to beat the competition at first place. Simply, propose to your valentine your own way!
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