Question

Using the analytics maturity curve, can I benchmark my firm's performance against competitors?

Answer 1

Yes, the Analytics Maturity Curve can be used as a tool to benchmark your firm's performance against competitors. However, it's important to note that this benchmarking is more qualitative than quantitative. Here's how you can do it:

1. Identify the Stage: First, identify where your firm and your competitors are on the analytics maturity curve. Are you at the Ad Hoc, Preparatory, Formative, Operational, Mature, or Transformative stage? This can be determined by looking at factors such as the sophistication of your data infrastructure, the extent to which data-driven decision making is embedded in your processes, and the level of your data governance.

2. Compare Capabilities: Once you've identified the stages, you can compare your firm's capabilities with those of your competitors. For example, if your firm is at the Operational stage and your competitor is at the Mature stage, it indicates that your competitor has a more advanced data strategy and is likely using data more effectively to drive business decisions.

3. Identify Gaps and Opportunities: The comparison can help you identify gaps in your firm's data capabilities and opportunities for improvement. For example, if your competitor is using advanced analytics to drive innovation, it could be an opportunity for your firm to invest in similar technologies.

4. Develop a Roadmap: Based on the gaps and opportunities identified, you can develop a roadmap to advance your firm's position on the analytics maturity curve. This could involve investing in new technologies, improving data governance, or fostering a more data-driven culture.