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MRKM 61: Fundamentals of Business

Analytics

Designing andBuilding Analytics

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Business Performance Tracking

Execution and Measurements

MRKM 61: Fundamentals of Business Analytics

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Overview[!

In this Module we will focus on the execution and measurement pillar !ur"oal is to ele#ate the discussion on "ow to monitor# measure# and

analy$e t"e %usiness &erformance of actions taken %y t"e

organi$ation'

$he BA%& framewor' is made up of the followin" pillars:

(

Business)hallen"e

&illar

*ataFoundatio

n &illar

Analytics

Implementation

&illar

Insi"hts

&illar

+xecution andMeasurement

&illar

*istri,uted

Knowled"

e

Inno#ation&illar

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Overview[!(continued)

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/

Analytic

Fundamental0uestions

hy trac'

Business

&erformance

hat is

&erformance

)hec'in"

Analytic

+xecution&erformance

$rac'in" )ases

BusinessAnalytics

0uestions

that

Analytics

aims to

Address

&erforman

ce

$rac'in"+xamples

for

Multiple*epartme

nts in any

"i#en!r"ani3ati

on

!utline

the MainReasons

why !ne

needs to

$rac'

Business

&erformance

*e4nition

of

&erforman

ce

$rac'in"

&uttin"

Analytics

into

+xecution

%tep 1 %tep /%tep (%tep 2

%tep 5

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A*A+,T-./0 12*DAME*TA+

32E/T-O*/

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A*A+,T-./0 12*DAME*TA+ 32E/T-O*/[!(continued)

Ad#anced Business Analytics 0uestions

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B2/-*E// PE41O4MA*.E

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B2/-*E// PE41O4MA*.E T4A.8-*9[!

Key uestions to answer ,usiness reports to measure the results ofanalytic ,ased actions

:ave we seen any c"anges in t"e way t"at sales

re&resentatives cover t"eir territories;

:ave we seen any increase in customer retention;

:ave we seen any increase in customer ac5uisition;

:ave we seen any increase in t"e average s&end &ercustomer;

:ave we seen any increase in customer u&

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Bene6ts of Performance Tracking [!

4eturn on investment (4O-) tool

Organi$ational goal settings and reinforcemen

."ange management engine

Ado&tion# incentives# and rewards

En"anced accounta%ility

=alue of leading wit" analytics

Progress tracking and u&dates for stake"olders on t"e value of

analytics

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4eturn of -nvestment Tool[!

&erformance reportin" is a tool and a manner ,y which one can 9ustifyin#estments and pro#ide rele#ant meanin"ful answers to the followin" cost.

,ene4t ,usiness uestions:

as it worth in#estin" in ,usiness intelli"ence resource tool solutions

as it worth spendin" money in mar'etin" for trac

as it worth it to pay for a $; ad

as it worth it to run a mar'etin" )RM campai"n

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Organi$ational goal settings and reinforcementelps set up some "oals of the ,usiness intelli"ence solutions

?enerates people@s interest and ,elief across the entire or"ani3ation

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."ange Management Engine [!

!ers the a,ility to properly implement analytics and le#era"e it

&ro#ides an opportunity to assess your company@s capacity to underta'e

analytics implementation

>elps identify the dierent types of ris' in terms of resources to achie#ethe tar"et "oals

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Ado&tion# -ncentives and 4ewards

Measures how the or"ani3ation mana"es chan"e as a whole and em,racesnew processes

Increase the adoption of analytics

>elp sell analytics to other "roups ,y sharin" what is wor'in" and other,est practices

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En"anced Accounta%ility [!

%ettin" up clear "oals to ,e achie#ed and measurin" the results willde4nitely reinforce accounta,ility at e#ery le#el of the or"ani3ation that is

in#ol#ed

*ri#es a chan"e in ,eha#ior and usually helps "et thin"s done

>elp rede4ne roles and responsi,ilities ,ased on ,usiness expectations onachie#in" the ,usiness@s core o,9ecti#es

Reinforce accounta,ility producti#ity and eciency ,y impro#in"

ownership and appraisal

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Progress Tracking and 2&dates for /take"olders

on t"e =alue of Analytics

?i#es a company the opportunity to assess and impro#e analytics uality

as well as people@s underlyin" actions and acti#ities

>elps a company e#aluate whether the chan"es dictated ,y the analytics

solutions are wor'in"

>elps a company trac' pro"ress and impro#e the uality of the ser#ice

deli#ered to internal and external customers

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4es&onsi%ilities of Marketing [!

*ependin" on the corporate structure 'ey responsi,ilities of the mar'etin"department may include

!wnin" the ,rand

Managing customer relations"i&s

1ocusing on customers0 ex&erience

Planning t"e overall com&any %usiness strategy

Managing t"e com&any0s market mix> &roduct# &romotion#

&lacement# and &rice

/u&&orting sales# service# and distri%ution &artners

Managing t"e com&etitive strategy

Managing external com&any communications

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Business Performance Tracking

$o ,e eecti#e ,usiness performance trac'in" should ,e an enter&rise