Question

Apply the requirements, rules, or recommendations that can guide organizations into successful implementations of embedded analytics by selecting a case study from your own work environment.

Answer 1

Embedded analytics are paramount for an organization to realize business potential and expand in order to better cater to the target market. Taking an example of a financial services organization, some of the requirements for successful implementation of embedded analytics are:

1) Decide the structure of the analytics organization: Whether the analytics team is centralized or decentralized, or a hybrid of the two. Any structure chosen should ensure that the different units do not work in silos and that the projects are aligned towards a common organization goal though being tailored to the specific business units. Different verticals like equities trading, derivatives trading, consumer banking, etc can liaise in this effort to leverage each other's resources in the most effective way.

2) Staffing: Sufficient resources are needed for specific tasks like data engineering, data scientists, architects, BI experts, efficient managers, etc. Where possible, this can also be shared across verticals like trading, finance, operations, etc.

3) Strategic partnerships: Different units should collaborate with each other to best leverage the analytics capabilities without having to re-create similar intelligence over and over.

Some of the rules to be followed are:

1) Avoid duplication of efforts through proper data and analytics governance, which should be an independent role from the different business units, but having a view and direct control into the functioning of the units.

2) Weigh the options of building vs outsourcing - where appropriate, the organization should be ready to outsource the analytics to experts if building in-house is relatively a less attractive proposition.

3) Optimal integration of the analytics with business functions.

Some recommendations for successful implementation are:

1) Hiring appropriate talent for different functions within the analytics division

2) Ongoing training of staff to keep them up-to-date with relevant skills which help them perform their functions in a more efficient way.

3) Proper growth plan for all the staff - to ensure the potential of the employees the companies invest into in long term is duly realized.