Transform individuals, teams, and organizations with analytics principles
(Experience from participants at Swedish Financial Supervisory Authority / FSA, Finansinspektionen)
We had the opportunity to converse with Swedish FSA and learn about their experience and vision on analytics leadership. The perspective shed light on the core elements of analytics leadership, the impact of the program Analytics Value Training, and the future of this evolving field.
Defining Analytics Leadership
About their definition of analytics leadership, they experience that it encompasses having a clear vision and the ability to inspire others to embrace analytics. They emphasized the importance of understanding where and how analytics can lead an organization and where it can bring positive change and quick results based on the organizations maturity score stage.
Establishing analytics mindset
Establishing analytics mindset within an organization requires a strong leader who can set the direction. They stressed the significance of starting from your current stage and encouraging individuals to think beyond conventional norms and to embrace analytics. Being open-minded and fostering an environment of experimentation, where failures are seen as learning opportunities, greatly contribute to nurturing a data-driven culture.
Personal benefits
Swedish FSA underwent the program Analytics Value Training already in 2019. Participants with a technical background, the training helped to see the business side of analytics and the leadership challenges associated with adopting a new way of thinking. They recognized the value of mastering not only the technical aspects but also the softer, more personal side of self- leadership. The program opened the eyes to the need to consider business challenges alongside technical aspects and ultimately broadened their perspectives. Set and working with common analytics models and methods, I e Analytics Use Case Canvas, open up the communication parts across the functions.
Impact on the teams and organization
The number of participants in the program has grown to 15 participants, creating a community of like-minded individuals and they have an impact on analytics leadership for the organization. This growing cohort allowed them to collaborate, share knowledge, and influence the organization's approach to analytics. The organization became more proactive, adopting machine learning and automation, and actively seeking opportunities to leverage data-driven insights.
Approaching projects with a data-driven mindset
Swedish FSA acknowledged that the journey toward a data-driven approach to projects has been gradual, taking small steps in the right direction. They remain about making bigger strides in the future and continue to work towards aligning the organization's mindset with analytics principles.
Development steps for aspiring Analytics Leaders
To those aspiring to become analytics leaders, the advice is to take a leadership-oriented perspective. They encourage individuals to look beyond technical aspects and gain an understanding of the business challenges involved. Emphasized that this transformative journey requires time, effort, and the willingness to change mindsets.
The future of Analytics Leadership
The analytics and AI landscape is poised for significant growth. They noted that discussions surrounding analytics are prevalent and show promise. Although anticipates challenges and potential backlash, firmly believes that the ongoing movement towards analytics cannot be stopped, it is a journey. Swedish FSA credited Analytics Value Training for its positive impact on personal development, team dynamics, use case and project approaches, understanding the business side of analytics and working with common analytics and AI methods.
