"Why did GFNorte’s analytics investment pay off when so many others’ do not? We believe GFNorte did at least six things right that enabled its transformation into an analytically enhanced organization."
HBR 04 Jan 2018
Establish a central Analytics Business Unit (ABU)
- Set targets & accountability as a profit centre
- Support from the top including the CEO
- Incentive scheme alignment with other BUs
- Rigorous assessment of results
- Communication with strategic goals in mind
- The right people- analytics & business skills
A 2016 Economic Intelligence Unit Report "found that although 70% of business executives rated analytics as “very” or “extremely important”, just 2% are ready to say they have achieved “broad positive results”
If you suffer the same analytics fate best you try the GFNorte approach and aim for the 146% ROI Year One
GFNorte recently established a Central Analytics Business Unit (ABU) with the mandate to convert information into profits at a rate of 10X cost and to lead the adoption of a customer-centric approach within the organization. The results significantly exceeded expectations: In its first year the ABU yielded profits 46X its costs, in the second year 106X (equivalent to $275 million of net income), and during its third year it is on course to produce 200X.