Today, the ability to unlock value from data and analytics (D&A) is a prerequisite for business success. It is essential to not only stay in line with the competition, but also to move ahead of them. However, Gartner predicts that approximately 60 percent of big data projects will fail—they will not be completed within budget or on schedule, or will not deliver the features and benefits promised.
So what is the missing piece? From KPMG’s perspective, it is often the manner in which D&A capabilities are structured and managed within organizations. D&A projects falter when they are not supported by the right framework and talent, and ultimately, are not aligned to the business strategy.
Some organizations spread D&A capabilities randomly across functions or rely on a few data analysts working in silos to provide insights. This lack of structure can be problematic, as it prevents D&A staff members from building the close business relationships necessary to build trust in their ability to deliver valuable insights and help drive informed business decisions.
At KPMG, we have found most companies that succeed at having a D&A capability that meets their business needs have skilled teams of IT and data science specialists who are wholly focused on D&A initiatives. But the team should not operate in a silo. While structures vary, the unit is typically seamlessly integrated with the company’s existing providers and consumers of D&A. It operates in cohesion with non-D&A colleagues—people who really understand both the business challenges and how the business works—to set and work toward realistic and relevant strategic goals. The team also has the complete support of executive leadership, and it’s goals are fully aligned to the business strategy.
D&A functions that are designed in this way dramatically increase the information and value that can be extracted from the volumes of consumer and business data streaming through the organization.
Read this paper for a tested but often overlooked approach to designing high-performing D&A organizations, emphasizing the people and organizational components that are so essential for success. In it you'll learn about: