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PM Essence

Analytics – Can we do without it?

 

By - Satyamoy Chatterjee, Analyttica Datalab Pvt. Ltd.

At the risk of sounding “nonphilanthropic”, the mission and goal of any company is to make profit for its stake-holders (Of-course the CSR activities need to be respected and adhered to). The question really is, in this fast moving world where a strategy built on today's information soon becomes yesterday's news, how do I define 'longterm' and 'short-term' profit strategy. Can I really build a long term strategy and adhere to it or shall I constantly optimize. If it is the later, what is the best possible way to do so? If profitability for stakeholders is the goal, how do I keep on optimizing my drivers of P&L? How do I constantly optimize for revenue enhancement, cost optimization, loss mitigation and customer satisfaction.

 

We can debate, however, I firmly believe that analytics can help in answering all questions, if not completely atleast partially. Analytics soon will find a place in board room discussions in some form or the other. It will soon become, if not already, an integral component of company strategy. Decisions made from the gut needs to be validated through hard numbers. The feeling and intuition of a CXO needs to be soon quantified, validated and “rank-ordered” for prioritizing action.

 

Much has been talked and written about the importance of analytics, data science and technology. More often not in silos, at times in conjunction, and also harnessing the wealth of information hidden in Big Data for optimal business decisions. Given the fiercely competitive environment that we are in today, the question that is being constantly asked is how do I differentiate myself in terms of my product development, product marketing and positioning strategies. The 4Ps or I am not sure if there are 5 or 6 Ps now, the 5 forces of Porter, again could be 6+, the question really is what to apply when. Can analytics help to make that decision? At times, no action could be a recommendation of analytics instead of optimized action.

 

McKinsey and the likes have been articulating loud and clear about the significance of big data and analytics. Ondemand marketing is soon going to become the reality if it is not already so. The touch point to customer and the channels for that is going to evolve exponentially. I should be able to optimize for the ever changing customer needs every day if not create one as yet like Apple did. Can analytics help me do that?

 

That brings the question of strong synergic integration of Business Analytics with Technology and Data Science. The content being generated today, every minute, is at the tune of gigs and terra. Yes understood, the question is so what? Does it help me generate context? If so how? If not, is there a way to fit the content to a context? Do I care? “Absolutely I have to”, if I don't, I have to pay a huge cost for not caring. Can analytics help me care? “Absolutely”. In order to achieve that or even knocking at the door to do so, I have to be immensely careful about the synergic integration of “Business Analytics” with “Technology” and “Data science”.