Analytics ≠Applications

Ultimately however, the analysis is very much discrete from the technology, making it accessible to distributors of all size and sophistication.

Mention the word "analytics" to some executives, and the images of mathematicians and statisticians programming advanced algorithms into room sized computers to crunch vast amounts of data come to mind.  While this may apply to some industries (such as hedge fund trading), the reality is that may analytic approaches do not require large technology investments, and they can deliver benefits to distributors of any size.

There are five major steps which connect people, processes, technology, and metrics:

• Identify process gaps by assessing each process group.
• Link identified process gaps to financial drivers to understand the impact of shareholder value.
• Analyze profitability of the proposed best practice implementation to close the gap.
• Understand the best practice methodology, implementation details, and challenges.
• Enable appropriate resources to  implement best practices.

A rich set of validated and operational data underlies the analysis, and technology can play a critical role accelerating the capture and provisioning of these data.  Increasingly distributors are looking to IT-enabled solutions to help them make informed decisions.  Ultimately however, the analysis is very much discrete from the technology, making it accessible to distributors of all size and sophistication.

ACTION POINT: Use the analytic steps above to connect people, processes, technology and metrics to ensure your business is competitive.