8 ways big data analytics can be applied by any CEO How do big data and data analytics play into strategy development at the chief executive level?

Should they play at all, or should CEOs and peers delegate data analytics to the experts?

It’s a discussion played out in businesses around the world. A recent report by McKinsey (Making data analytics work for you—instead of the other way around) shines a light on the value of data analytics to CEOs.

Often viewed in the context of addressing challenges, data analytics should also be viewed in the context of discovering, assessing and taking action on new opportunities.

I share the McKinsey view that data analytics do need to sit with the CEO, management team or board of a company – because analytics provide the inputs and insights essential to choosing future directions. Often viewed in the context of addressing challenges, data analytics should also be viewed in the context of discovering, assessing and taking action on new opportunities.

In fact, seeking to redefine your organisation ahead of changes imposed by external forces is clearly the better option. Using data analytics anchors such considerations in firm foundations, to provide confidence in any decisions you make.

At the CEO level, data analytics can be defined as the establishment and identification of market threats and market opportunities. The data delivers raw inputs, and the analysis makes sense of this. With strategy setting the context, an open mind and ruthless objectivity are essential so boards and senior management can understand progress… and change direction as required.

Data analytics can expose the need to transform, identify new revenue streams, reveal new ways to improve operations or lower costs, or measure sales success rates. All are essential inputs on the CEO’s strategy dashboard.

Data analytics can expose the need to transform, identify new revenue streams, reveal new ways to improve operations or lower costs, or measure sales success rates.

 

This article originally appeared in 7wData.  To read the full article, click here.