"The biggest challenge in any organization’s analytics journey is turning insights into outcomes—what we call the last mile, which is where the value of analytics is ultimately extracted."
McKinsey Analytics May 2018
Despite huge investments in analytics "senior executives tell us that their companies are struggling to capture real value. The reason: while they’re eking out small gains from a few use cases, they’re failing to embed analytics into all areas of the organization."
To jump that hurdle McKinsey identified three critical success factors
- Prioritise decision-making processes
- Establish clear decision making rights
- Empower front-line staff to make analytics driven decisions
Prioritise decision making processes.
It amazes me that data is analysed without any thought to what decisions will make the most impact on customers, operations and the future e.g Target the top 15 decision making areas to transform customer experience which for insurers may well be claims followed by buying insurance.
Establish clear decision making rights.
Across the enterprise who needs the insights to make the import ant decisions? Too often, analytics is restricted to a group of managers, directors & VPs, analysts of course. But where are the day-to-day customer interactions that impact your customers? At claims handler and supply chain level. Why have they not got the self-serve, customisable analytics embedded in their everyday apps- in the digital claims platform they engage with every working hour on laptop, tablet and phone.
Empower front lines to make analytics-driven decisions
"..to turn analytics insights into outcomes, organizations must ultimately enable frontline employees to easily leverage analytics to make decisions. Breakaway companies are about 1.5 times more likely than other respondents to report that their organizations have achieved quick, continually refined decision making through analytics, one of the keys to the last mile." McKinsey
Insist any digital claims platform you consider has analytics embedded in the DNA of the technology and the tools claims handlers, fraud investigators, the supply chain et al use to quickly and effectively process claims.
Analytics is too often a standalone application restricted to people too removed from frontline operations. Forget dazzling visualisation, stunning charts and bogus functionality that hide the gap that results in most analytics projects failing- not embedding analytics to give the in sights to the people who need them to make the most important decisions that impact your customers, claimants and operations.
Empowering the front lines to make analytics-driven decisions Getting management on board is only part of the battle—to turn analytics insights into outcomes, organizations must ultimately enable frontline employees to easily leverage analytics to make decisions. Breakaway companies are about 1.5 times more likely than other respondents to report that their organizations have achieved quick, continually refined decision making through analytics, one of the keys to the last mile.