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Agile Decision Making: Improving Business Results with Analytics
TM Forum, Sep 2011, Pages: 20
TM Forum’s Quick Insights reports take the communication industry’s hottest topics and offer preliminary research and analysis, often including interviews with senior executives and ideas from corresponding executive roundtables events. Written by renowned industry journalists and analysts the reports ask the questions we all want to know of opinion-leading senior executives.
How can service provider’s deal with increasing complexity while trying to boost customer loyalty, speed innovation and reduce costs?
Although decision support tools such as analytics and business intelligence in general offer the raw promise of breakthrough results, these outcomes have been difficult to come by. Service providers have struggled with problematic data sources, incomplete tools, and skepticism on the part of the business community.
While service providers may not be as successful as they would like in their analytics deployments, many have already learned some valuable lessons and have an appreciation for where things can go wrong. As a result, we have come to some important conclusions. These recognize that no one is starting from scratch; most organizations have spent years, if not decades, building large data stores and analytical tool sets, deriving benefit and learning lessons. None of that is likely to change overnight.
This Quick Insights report makes the following observsations:
- Understand the big picture: Service providers must develop and manage an enterprise-wide view of where analytics can be most effectively applied
- Pick your places: service providers must determine which areas are most important for them to succeed and where they can get the best payback from decision improvement and analytics
- Mix in some small, fast deployments: By choosing a few small but impactful areas where decisioning can be markedly improved and analytics can be quickly deployed with meaningful ROI, service providers can quickly realize benefits and gain some momentum.
- Consider a continuous improvement strategy: This makes sense, given the scope and complexity of the industry, the volatility of the larger digital value chain, the broad scope of analytics-related opportunities and limitations on investment capital
- Manage data as a corporate asset, but recognize that comprehensive data integration is a long-term project: Data management programs must address quality issues and ensure data accessibility and usability, but they must walk before they run.
- Take advantage of existing frameworks and programs: Given the breadth and complexity of the problem, any help with best practices, data management and domain frameworks will be useful. For example, TM Forum’s Information Framework (SID), the Applications Framework (TAM) and Business Process Framework (eTOM). Also, the Forum’s Benchmarking program can be used as a source of KPIs, and help drive the deployment of analytical capabilities, especially in targeting process improvement.
- Involve your vendors early and often: Relationships are key – both service providers and vendors should do a fresh assessment of themselves and their expectations, engagement styles and strategies.
- Invest in your people: It is important for employers to recognize what makes a good analyst, and to create appropriate growth opportunities for them, if they want to keep them as employees.
Please note: this report is free to TM Forum members.
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