Value is central to the ABISSA framework. After all, it is not worth investing in Analytics if it will not generate additional value for your organization. Ultimately, all discussion of value for your organization boils down to either making money or saving it. But how exactly does ABISSA make this happen?
- Smarter and more effective decisions with better insights into the business
- Faster, more efficient business processes and digital automation
- Higher quality outcomes with less rework and waste
- Cost avoidance – doing more with less
Holistic value measurement
Value is often measured by return on investment (ROI) – how much money did this initiative help us generate or save as compared to how much it cost us. However, true ROI can be hard to measure given the timeliness of returns and potential positive side effects that might be difficult to associate directly with the project.
Some of the positive side effects we can expect from an ABISSA program that are hard to measure are:
1. Employee Satisfaction – learning new skills and transitioning to more engaging activities can lead to increased retention and better productivity.
2. Customer Satisfaction – can lead to a deeper relationship with 360-degree view, faster delivery cycles, better understanding of customer segments, and higher quality service
3. Efficient Analytics & Digital Process Delivery – can lead to shorter project timelines as business people become more self-sufficient and data literate
4. Better Collaboration – different perspectives within the organization will be able to work better together
The ABISSA framework maximizes value across the organization while also enabling the measurement of the value being delivered. Value needs to be calculated not only for each individual analytics initiative but more importantly for the overall ABISSA program which will capture the less tangible forms of value listed above. By taking a more holistic approach to value, ABISSA avoids losing the value-centric focus that is so crucial to ensuring project success.
Losing sight of value
Here are some familiar examples where value is not the focus:
- Investments in novel, cutting-edge technology without 1) being linked to prioritized and “valuable” business use cases or 2) the skill sets and talent required to develop or enable such a solution
- Siloed investments by individual teams rather than an organization wide strategy that achieves economies of scale
- Choosing use cases for the powerful or loudest stakeholders rather than based on a fair evaluation and selection of those with the potential to generate the most value
Business strategy alignment
The most effective way to achieve maximum value from analytics investments is through alignment with the business strategy and outcomes. Alignment is achieved through a detail-oriented approach that gets behind the business strategy goals to track all projects and initiatives. We endorse the OKR methodology to align analytics initiatives and people to the organizations strategy. We also bring our proprietary ValueTrack capability that brings transparency to the value generated from ABISSA programs.
Like other types of investments, organizations need to choose investments across both quick wins and big bets. Quick wins will generate quick value. Big bets will provide major value generation but generally require a bigger effort and take longer to realize. The underlying importance lies in the prioritization framework and a mechanism for tracking the value that is generated and mapping back to corporate strategy. By doing so you begin to make the intangible parts of value more tangible. Additionally, you increase your ability to pivot quickly when value is not being realized to maintain your value-focused strategy.
Aimpoint Digital will help you take an idea from thought through execution. This collaborative journey will enable you to get the most out of your data and technology investments. Contact us to begin your acceleration process.