Data and other knowledge can offer analytics managers a wealth of information, but managing overwhelming amounts can get in the way of making high-quality decisions. According to International Data Corp. (IDC), Fortune 500 companies lose at least $31.5 billion a year by failing to properly manage knowledge. Meanwhile, leading analytics organizations are able to harness and manage their knowledge in order to drive improvements internally and provide clear value to clients. As part of a series on how to build better analytics organizations, IRI Advanced Analytics has successfully built a robust knowledge management program that we think may be helpful for you to know. What follows are some of the key components to help organizations drive value:
- Analytics Knowledge Repository. We recently migrated to a robust knowledge repository platform. This new repository utilizes consistent structure and guidelines enabling robust document management across the Advanced Analytics team and other IRI business units. Unlike past project repositories, this new design captures detailed metadata attributes for each project deliverable, thereby enabling dynamic search capabilities across the entire site. Third-party, thought leadership papers enhance this site by bringing in outside approaches the teams can reference and use to grow industry knowledge as well as new modeling techniques.
- Analytics Modeling Norms Database. We produce large volumes of modeling coefficients that are valuable for benchmarking, reporting, and analysis needs. To better utilize this knowledge across our global team, we implemented a modeling norms database that houses robust pricing elasticities for items in the highest sales volume categories that are very useful for reporting and analysis purposes.
- Analytics Best Practice Sharing. We created an internal forum to capture and share best practices through a peer review system. The program links to the corporate case study library and best practice presentations, which can be easily accessed by team members for reference.
- Analytics Training. With the goal of broadening and deepening skill sets, we implemented a training program that goes beyond traditional offerings. The program is focused on the critical analytic service offerings supported by the practice areas of revenue growth management, marketing productivity, and retail productivity, starting with Marketing Mix Analyses. The training yielded materials that include process and best practice references for key product offerings, and the training sessions were recorded and housed in the shared knowledge repository for future reference.
Actively managing knowledge can help analytically focused companies increase their chances of success by facilitating decision making, building learning environments by making learning routine, and stimulating cultural change and innovation.
Are you managing your analytics knowledge to unleash business value today?