Why You Struggle To Get Executive Buy-In For Your Data and Analytics Projects

7/30/15

As a Business Analytics Coach, I work with executives, managers and the people in the trenches to help them create and execute a Business analytics roadmap. I believe strongly that data and analytics can lead to innovation. It can and will  change the world!   Below I will teach you how to get Executive Buy-In.  If you don’t believe me, just read the book Abundance by Peter H Diamandis and Steven Kotler. http://www.abundancethebook.com/

Data and Analytics Questions to Ponder

If data and analytics can be game changing, “Why aren’t Executives making data and analytic initiatives a priority?” Moreover, “Why are business intelligence managers, financial performance managers and others struggling to get the executives to fund their projects?”

In a 2013 Gartner Financial Executive International CFO Technology study, it found an emphasis on business intelligence/analytics as a top area of investment and focus. *

Click here to see the full Gartner survey from CFO.com's website.

Executive Buy-In

If that’s so, why don’t we hear of a significant number of companies making huge progress with analytics? In talking with CFO and BI Managers, I usually feel the frustration in their voices. They aren’t getting results fast enough or they don’t have the support they need (respectively). I thought I would throw out some ideas why executives aren’t leading an analytics initiative.

  1. They don’t understand data and analytics and what it takes to be successful leveraging data for decision making
  2. They are unable to create the vision for the organization so let data and analytics remain “siloed” in functional areas.
  3. They don’t have the right talent to execute the vision.
  4. The projects they have funded have not proven the timely results they expected or desired.
  5. They meet IT resistance because IT fears they will lose power by empowering business users.
  6. They don’t comprehend the importance of data and analytics and its role in innovation and growing profits. Status quo is comfortable.

Personally, I believe these are just excuses. The organization that leads their industry, or better yet creates their industry through innovation, will be led by executives that learn to lead and create an analytics driven culture.

I would love your ideas on why executives are not committing to being an Analytics Leader? I hope to share all the great ideas and suggestions to overcome the hurdles in a future blog. Please email me at Hcole@LodestarSolutions.com or comment on this post.

In closing I must share this quote from the CEO of CFO Publishing, Alan Glass during our recent conversation.

“Technology and Analytics allows you to expand your business in ways unthinkable 2-3 years ago.” – Alan Glass.

 

*For More Information on Financial Executives International go to www.financialexecutives.org to find a chapter in your area. If you are in the Tampa, FL region please contact me directly and I will introduce you to our chapter. Hcole@LodestarSolutions.com

X