Once the CoE is set up, the concerned stakeholders need to set objectives and recognize key business areas in which these advanced analytics can be used.
The primary objectives for using any type of analytics are to
- Enhance operational efficiency and reduce costs.
- Increase revenue.
The implementation strategy of advanced analytics also needs to be aligned with these two key objectives to extract the maximum value. IT and Business leaders need to recognize potential use cases which are inline with these objectives.
For instance, using these analytics:
- A CPG company can detect the right marketing and sales promotions and campaigns.
- A logistic firm can improve the safety of drivers, ensure fewer accidents and thereby reduce the total insurance payout.
- Firms which operate with heavy machinery can enhance operational efficiency.
While these are only a few, the use cases vary based on the industry.