Friday, November 13, 2020

Insightful CIO’s Information-intelligence Navigation

 The ultimate goal of data analytics and holistic information management is to guide the company forward by capturing business insight, identifying and assessing risks and adjusting the business speed for accelerating business responsiveness and performance.


Nowadays, information is one of the most invaluable assets of business. CIOs as “Chief Information Officers” need to gain an in-depth understanding of information value, and focus on leveraging quality information to make effective decisions and solve bigger business problems. At the end of the day, the business doesn't care about equations but insights/recommendation data-based analytics can give to the business. 

Going back to fundamentals, CIOs are “Chief Information Officers” with logical inquisitiveness, and a set of leadership skills to manage information and achieve its business value.

Leadership Vision: Nowadays information does not live alone but permeates everywhere in the businesses, thus, the value of information is not isolated. Information is all that is used to create intelligence and improve the success rate of strategy execution. How skillfully digital leaders swim in the rough sea of information will decide their leadership effectiveness and maturity. It will be those companies that proactively invest in information Management solutions today will be able to competitively leverage their own information going forward and delivering tangible and visible business benefits for their long term benefit.

Analytics by themselves are useful, but it is a hard sale when you don't understand the business. However, in many organizations, the fact is that data analytics is isolated from the customer reality and business perception. IT leaders today need to be fast learners, have strong communication skills, and high analytical aptitude, develop and hone their analytical skills to identify, analyze, and address business problems. It is the CIOs responsibility to understand the business risks and opportunity. Information is not for its own sake, the key requirement for CIOs is to find problems that analytic can solve; rather than show up with a solution and then find a problem. The cognitive ability of the organization depends on how effectively they can process information and make data-based, on-time decisions in a consistent way to solve problems really matter with logical steps.

Ultra-modern management skill: Today, businesses have to become smarter and smarter, develop organizational skills to generate analytical initiative and processes, prioritize, identify resources needed, and delegate to assure completion. Organizations need to know a much better “HOW” to build a "Data Intelligence Unit" and "Advanced Analytics" hub within organizations, what they should do to contribute to value generation, which tools they need, etc. So businesses can take a bit more "aggressive" tactics to build those teams faster and add value earlier. IT is one of the biggest business investments to run a smart business. Any investment must be aligned with value. But the question is more about how to get started, the underlying issue is that either your innovation team or expertise team need the expertise and skills to be successful with analytics. The management should ponder who can turn massive data sets into manageable small ones, fast, and support users who want digestible, accessible data? They need to grow high performance analytics teams according to the skill set required, measure the result and make continuous improvement.

The successful business information-intelligence navigation takes both “push" & "pull" initiatives. The management needs to give the right push for diving into the data sea. Also, if there is a business that requires immediate and valuable help, it will "pull" the analytics services, as the solid analytic capability underpins business strategy and improves decision making scenarios. In fact, information management is not the business of IT, but the business of the entire company. Information analytics is required by all C executives, not only CIOs. Each and every member of the C team needs analytics and is required to deploy it to improve business maturity. The more the team members share the knowledge the better the results. Each member of the C team was asked to present his/her prospective use of analytics and the data sources. The board then mapped the input over the strategies and decided on the initiatives to pursue.

Performance indicators setting for information analytics/management: Usually Performance Indicators are to provide business insight and monitor the business progress and performance. The goal of performance indicators for data analytics is to identify if the adopted strategy, approach, and process, etc is working toward the business objective and generate business value. Being able to show the business benefits in hard facts such as measurement helps greatly. The effective analysis and business intelligence efforts have the ability to create indicators and measures; the ability to show validated ROI; the ability to act or suggest actions to move key metrics to benefit the business based on the analyzed data rather than just reporting the results. The data-oriented metrics-wise engagement makes the organization to become much more proactive in problem-solving.

Performance Indicators should be periodically reviewed and revised depending on what the firm’s strategy is and what they are targeting. The management should have flexibility to know when to manage down vs. up depends on the day to day business needs. Selecting the right measure and measuring it right are both art and science. In fact, selecting the Key Performance Indicators is one of the most important steps in IT measurement and performance management. It influences management behavior as well as business culture. The management should make the right choice for picking the right metrics by asking themselves and others: Why are you choosing them? How will you use them, do you have enough resources to manage data and present them persuasively? And who are accountable to improve those performance results. Poorly designed or implemented KPIs can be very damaging to the information management effort and the culture of the team.

As companies across vertical sectors should transform themselves into the digital business that is based on ‎information, their ability to explore intangible assets -information and knowledge has become far more decisive to build a competitive business advantage. Leadership qualities or detailed responsibilities for managing data analytics may depend on the specific role. The ultimate goal of data analytics and holistic information management is to guide the company forward by capturing business insight, identifying and assessing risks and adjusting the business speed for accelerating business responsiveness and performance.




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