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In November 2015, SSA & Company (SSA) convened over 30 executives across a variety of industries – including financial services, industrials, media, and private equity – in New York City to discuss pragmatic ways of embedding data and advanced analytics into a company’s leadership and culture. The luncheon featured Deb Henretta, Former Group President of e-Business at Proctor & Gamble (P&G), as speaker. Dave Niles, President of SSA and G100 Companies, hosted the event and Jason Meil, Managing Director of New Products and Innovation at SSA, served as moderator.
At this meeting, we were delighted to hear insights from Deb Henretta, whose work transformed P&G’s business models to win in the digital economy, where nearly half of its $83 billion sales are transacted or influenced. Over her 30 years with P&G, Deb led a number of large global businesses, including the $20 billion Beauty business with more than 50 brands sold in over 150 countries worldwide. Deb also served as Group President of P&G Asia, where she harnessed the power of big data and advanced analytics to consistently grow top- and bottom-line results and more than double the size of the Asia business. Deb led the global turnaround of P&G’s Baby Care business, reversing a decade-long business decline and starting a growth trend that continues today.
Though most leaders are on their journey to a more data-centered company, few would rate their organizations and cultures as “highly developed” in advanced analytics. Before the discussion, participants completed a survey which measured how advanced they considered their companies in the areas of technology, skills and capabilities, leadership, data strategy, and execution infrastructure. We found a widely perceived immaturity in all five areas.
Our discussions revealed that leadership and culture typically prove the biggest barriers to embedding analytics. Below you will find a summary of key challenges leaders face, along with a few key takeaways leaders can employ to better leverage data and advanced analytics to transform their organizations.
Begin with a leadership team willing to embrace advanced analytics as a strategic choice.
Ensure that business leaders become well-versed in data analytics and that data scientists have strong business acumen.
Build advanced analytics capabilities into the “DNA” of your entire business.
It’s not about how much data you have, but how you use it.
Your own business produces valuable data; it’s just a matter of capturing and analyzing it. Start with the internal data. Then, incorporate external data on marketplace trends as a platform for deeper, more strategic conversations.
Tap the potential of people analytics. Consider using big data to identify the best employees for your company. An analysis that combines internal and external data sources to identify predictive attributes of your highest performers can strengthen recruiting and selection.
Encourage risk-averse middle managers to become data-focused. This pivotal cadre holds potential to either hinder or accelerate your cultural transformation. Many have been rewarded over long periods for doing things in traditional, well established ways.
Confront your own biases. As a data-focused leader, sometimes you must pursue a decision or path that conflicts with your gut instinct and/or customary practices. In these “moments of truth,” your leadership can set the tone for the entire company’s mindset.
Download the full playbook here.