Citation:

Ankit Bansal, 2022. "Establishing a Framework for a Successful Center of Excellence in Advanced Analytics", ESP Journal of Engineering & Technology Advancements 2(3): 76-84.

Abstract:

The increasing complexity and volume of data in today's business environment highlight the critical need for organizations to adopt advanced analytics to enhance decision-making and drive strategic initiatives. This paper outlines the framework for establishing a Center of Excellence (CoE) for Advanced Analytics, which serves as a centralized hub for promoting best practices, fostering collaboration, and developing analytical expertise. The CoE addresses prevalent challenges, such as skill shortages, data governance issues, and the integration of analytics into business processes. By leveraging cutting-edge analytical techniques—such as machine learning, predictive analytics, and data visualization—the CoE enables organizations to unlock actionable insights from their data. This article discusses the essential components for building a successful CoE, including defining its mission, engaging stakeholders, creating a robust training program, and implementing technological infrastructure. Furthermore, it examines the significant impact of advanced analytics on organizational performance and innovation, providing a roadmap for organizations seeking to cultivate a data-driven culture that sustains competitive advantage.

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Keywords:

Center of Excellence, Advanced Analytics, Data-Driven Decision Making, Organizational Culture, Business Intelligence, Predictive Analytics, Data Governance, Stakeholder Engagement, Skill Development, Cross-Functional Collaboration, Technology Infrastructure, Business Intelligence (BI), Operational Efficiency.