I was on a call last week and I heard our Director of Product Marketing, Constantine Limberakis, talking about our vision and strategy. One phrase in particular really stuck out for me. He said, “Our goal is to make sure we have analytics for everybody across the organization.”
I wrote down that phrase and tried to dive deeper into that concept.
What does “analytics for everybody” mean?
And more importantly, in a data-healthy organization – who has analytics and how are they using them?
I believe that “analytics for everybody” means the organization as a whole has that data to:
- Drive innovation and develop new products and services
- Uncover new savings opportunities and develop new sourcing opportunities
- Identify critical supplier relationships that keep the company thriving and growing
- Gain insights for operational improvements that increase productivity and project completion
When everyone in the organization has access to analytics, the organization improves because employees have increased visibility into what’s working and what’s NOT working. Better data and visibility also helps teams find any gaps in team performance, quality, service, and outside vendor relationships.
In a data-healthy organization, everyone has access to analytics. Everyone from the CEO to the Controller to the Contract Manager to the Procurement Manager will have instant access to data. No professional is left behind. Everyone has data and everyone is reporting on metrics that impact their job, their team, and the overall company.
So, how should business leaders and professionals use the analytics and data?
To start, everyone should incorporate data analysis as part of their daily or weekly routine. In the beginning, I actually put a note on calendar that said “review analytics” – I did this every Monday at 9 am. I used those email, social, and blog analytics to help determine my projects for the week.
Similarly, a contract manager can use analytics to see which contracts are due to expire in the coming 90 days. A procurement manager can see which projects are expected to generate the most savings. He or she can then put together a report of current and expected savings, which can be presented to the board of directors and CEO. It’s the circle of life for analytics.
How is your organization using analytics? Does everyone have access to analytics or only certain departments or individuals? Comment below or tweet us @iasta.