Businesses seeking a competitive advantage are increasingly implementing data and analytics tools. They can borrow lessons from the sports realm to make these tools an organizational capability according to Ben Shields, senior lecturer at MIT Sloan School of Management.
A primary example of analytics success comes from the book and film Moneyball, where the Oakland Athletics baseball team used an analytical approach to win games despite their small budget. In an era where data and advanced analytics tools have increased exponentially, a challenge is applying data effectively in an organization of people with varied skillsets and analytic proficiencies. While strengthening technical skillsets is a focus across organizations, the three main skillsets executives can take from sports are:
1 – Strategic: Developing a plan for how analytics can create and capture value
2 – Technical: The ability to do analytics work in a rigorous, comprehensive way
3 – Managerial: The ability to communicate data, use it in the decision-making process, and track a decision with key metrics and then iterate upon it
Data needs to be shared in a way that employees can apply it to their work and use it to make their jobs better. It’s also important to keep information as simple as possible so the value is never confused. Proven Optics works with a variety of clients to make the value of IT transparent to improve strategic planning and budgeting. Build your IT Value Story™ today.
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