Minding the Analytics Gap

Minding the Analytics Gap Description

In an increasingly data-driven business environment, many executives must make critical decisions based on analyses that use data and statistical methods that they do not fully understand. How can executives with limited analytics expertise become adept consumers of analytics under such conditions? This question has become an important management issue as senior executives increasingly recognize the importance of analytics to creating business value. The authors'research -based on a survey of 2,719 managers in organizations from around the world -found that the foremost barrier to creatingbusiness value from analytics is not data management or complex modeling skills. Instead, the number one barrier mentioned by survey respondents involved translating analytics into business actions -in other words, making business decisions based on the results, not producing the results themselves. With more access to useful data, companies are increasingly using sophisticated analytical methods. That, the authors argue, means there's often a gap between an organization's capacity to produce analytical results and its ability to apply them effectively to business issues. Much can be done to make analytics more consumable for managers. At the individual level, data analysts can learn more about the business; in fact, about a third (34%) of the survey respondents reported that their organizations train analytics professionals to understand business issues. Organizations can also systemically improve infrastructure and processes; improved data quality, for example,can make it easier to turn data into competitive advantage. Managers can also take steps to become savvier at understanding analytical results. In fact, managers and executives are working to become more knowledgeable about data and analytics: Many of the survey respondents reported that their organizations develop analytical skills through on-the-job (58%) or formal (23%) training. Almost half the respondents (49%) reported that their organizations train managers to make better use of analytics. Beyond training, other known steps include: identifying trustworthy analytics professionals within the organization, requiring straightforward explanations and asking detailed questions. However, the authors'research indicates that, despite their efforts, managers continue to find it difficult to keep pace with their organization's analysts for two reasons: burgeoning analytics sophistication and competing demands for managerial attention. What's more, when an organization's capacity to produce increasingly sophisticated analytics outpaces managers'abilities to understand, discomfort is created -managers find they must make decisions based on complex analytical insights that they do not yet fully understand. But, despite this discomfort, these managerial decisions must be made. The authors conclude by suggesting five ways that managers can increase their comfort in consuming analytics. This is an MIT Sloan Management Review article.

Case Description Minding the Analytics Gap

Strategic Managment Tools Used in Case Study Analysis of Minding the Analytics Gap

STEP 1. Problem Identification in Minding the Analytics Gap case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of Minding the Analytics Gap case study

STEP 3. Industry Specific / Porter Five Forces Analysis of Minding the Analytics Gap case study

STEP 4. Evaluating Alternatives / SWOT Analysis of Minding the Analytics Gap case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis Minding the Analytics Gap case study

STEP 6. Recommendations Minding the Analytics Gap case study

STEP 7. Basis of Recommendations for Minding the Analytics Gap case study

Case Analysis of Minding the Analytics Gap

Minding the Analytics Gap is a Harvard Business (HBR) Case Study on Leadership & Managing People , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. Minding the Analytics Gap is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. Minding the Analytics Gap case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. Minding the Analytics Gap will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

Minding the Analytics Gap case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Leadership & Managing People, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of Minding the Analytics Gap, is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The Minding the Analytics Gap case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Leadership & Managing People Solutions

In the Texas Business School, Minding the Analytics Gap case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – Minding the Analytics Gap

Step 1 – Problem Identification of Minding the Analytics Gap - Harvard Business School Case Study

The first step to solve HBR Minding the Analytics Gap case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Analytics Respondents is facing right now. Even though the problem statement is essentially – “Leadership & Managing People” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Analytics Respondents, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the Minding the Analytics Gap.

The external environment analysis of Minding the Analytics Gap will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Minding the Analytics Gap case study. PESTEL analysis of " Minding the Analytics Gap" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with Minding the Analytics Gap macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for Minding the Analytics Gap

To do comprehensive PESTEL analysis of case study – Minding the Analytics Gap , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact Minding the Analytics Gap

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on Minding the Analytics Gap

Government policies have significant impact on the business environment of any country. The firm in “ Minding the Analytics Gap ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Analytics Respondents is operating, firms are required to store customer data within the premises of the country. Analytics Respondents needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. Minding the Analytics Gap has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Analytics Respondents in case study Minding the Analytics Gap" should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Analytics Respondents in case study “ Minding the Analytics Gap ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Analytics Respondents in case study “ Minding the Analytics Gap ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on Minding the Analytics Gap

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ Minding the Analytics Gap ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Analytics Respondents can compete against other competitors.

Government Scheme & Subsidies Impact on Minding the Analytics Gap

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at Minding the Analytics Gap case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on Minding the Analytics Gap

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Analytics Respondents needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact Minding the Analytics Gap

Social Factors that Impact Minding the Analytics Gap

Technological Factors that Impact Minding the Analytics Gap

Environmental Factors that Impact Minding the Analytics Gap

Legal Factors that Impact Minding the Analytics Gap

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Minding the Analytics Gap case study. PESTEL analysis of " Minding the Analytics Gap" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: Minding the Analytics Gap case study solution