Exam 1 - Chapter 2 Flashcards
understanding of the business
understanding of the business
How it looks today
How we want it to look tomorrow
How we move between these two points
How is strategy quantified?
How is strategy quantified?
Measurable targets
Balance the short-run and the long-run vision
Reviewed and renewed on a regular basis
FOUR SCENARIOS FOR ANALYTICS AND STRATEGY
- Separate
- Coordinated
- Dialogue
- Holistic
SCENARIO 1 – NO FORMAL LINK
- Analytics is used on an ad-hoc basis to
Based on the situational need of the business, not driven from strategy
Reporting tends to be decentralized
Data is rarely shared across functions
SCENARIO 1 – NO FORMAL LINK
- Analytics is used on an ad-hoc basis to
- Why take this approach?
Data insufficiency
Lack of analytical maturity
SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL
- Strategy is often monitored through ___
Strategy is often monitored through KPI
SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL
- _____ _____ are responsible for meeting their KPI goals
Functional areas are responsible for meeting their KPI goals
SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL
- _____ can help KPI performance
Analytics can help KPI performance
SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL
- Functional areas can direct the _____ _____
Functional areas can direct the Analytics Process
look at the charts
-
For analytics to help, KPI Targets must meet five different criteria (SMART):
Specific Measurable Agreed Realistic Time-Bound
Assumes that the organization has:
Assumes that the organization has:
Data Warehouse
Established BA function in the businessman’
Process includes
Process includes
Business and data understanding
Coordination between BA and Strategy
Continual feedback
_____ is generally more centralized
Reporting is generally more centralized
_____ can be shared across the organization
Insights can be shared across the organization
What is Developed by researchers at Harvard Business School
balanced scorecard
Benefits of Balanced Scorecard
(2)
Organizes every project and process into four perspectives
(4)
Benefits of Balanced
Helps to improve strategy
Keeps the main foci of the business in balance
Organizes every project and process into four perspectives Financial Perspective Customer Perspective Internal Business (Process) Perspective Learning and Growth Perspective
SCENARIO 4 – INFORMATION AS A STRATEGIC RESOURCE Benefits
Always Data Driven
Information is part of the strategic input
Use all available company information
Customer data
Preferences
Market basket analysis
Use the information to validate strategy
Stakeholders do not exist in a vacuum, they exist in a _____-.
Stakeholders do not exist in a vacuum, they exist in a culture.
What is the culture at your organization?
What is the culture at your organization? Support Fear Innovation Complaisance Competition Analytic
WHICH INFORMATION SHOULD WE PRIORITIZE?
high to lowest priority
Customer intimacy -> Operational excellence -> Product innovation
Not every company is ready for a ______ approach to _____ and ______
Not every company is ready for a holistic approach to strategy and analytics
There are prerequisites to being able to harness analytics in an organization
There are prerequisites to being able to harness analytics in an organization
Integrated data repository (warehouse)
Analytical expertise and maturity
Analytical organizational culture
Cross functional awareness and objectives
_____ steps in the right direction are better than no steps at all
Small steps in the right direction are better than no steps at all
