Advanced Analytics Strategy
Create a strategy to maximize the opportunities to apply data and analytics to your business.
A robust strategy helps you gain consensus on key commercial issues and performance questions. The availability of cheap, powerful computer processing and the growth in the digitization of business interactions have made it possible to create insights from data in ways that were unthinkable just a few short years ago. On top of all this is the question of how today’s advanced analytics capability will fit in with future developments in artificial intelligence and the Internet of Things.
You’ll benefit from a much clearer understanding and greater confidence in seizing the new opportunities created by data analytics and big data. This will accelerate your progress in developing new, improved products and services, and operating more efficiently and effectively.
How we help
We help you create an advanced analytics strategy via the following steps:
Define goals, assets and constraints
- Identify the principal commercial threats and opportunities that your business faces
- Understand the capabilities that enable the current products and services
- Establish the data assets held by your business, and your readiness to leverage advanced analytics and big data
Conduct opportunity/threat research
- Assess the current and future potential of relevant technologies, data assets and analytical techniques
- Map the impact of these developments to the business’s products and services
- Understand the strategies, capabilities and achievements of the leading players
- Scenario plan the potential ways that players (from within your industry and beyond) will want to participate
Prioritize initiatives and shape the strategy
- Create and iterate a set of initiatives that capture the opportunity (or mitigate the threat)
- Gauge the benefits of addressing each commercial issue
- Identify and prioritize quick-win initiatives
- Identify other, more major high-value initiatives
- Create roadmap and short-term plan
- Deep understanding of the relevant technology-enabled developments in data and analytics
- Consensus on the implications for the business
- Clear strategy for the business and an outlined roadmap/plan
- Clear set of actions to start executing the strategy
Examples of our work
To learn more about how we help our clients, please refer to these case examples:
- A leading global aerospace company engaged L.E.K. to help them to respond to its main competitor's heavy and sustained investment in the Internet of Things. The key was to understand the impact of data science on an industry steeped in physical sciences and the role of likely participants in order to develop a strategy for the aerospace business as well as the larger group to maximize the return on investment in new capabilities and partnerships.
- A leading concierge-style travel business wanted to understand the potential impact of new technologies (e.g., AI, AR/VR) on its business and develop a strategy to optimize customer experience and maximize efficiency by leveraging these technologies.