ABSTRACT
This chapter discusses the main ingredients from which firms can successfully build an analytical competence, one that fully allows them to benefit from data opportunities. Based on our Data Science Value Creation Model, it structures the discussion mainly around building blocks of a successful analytical competence. The chapter presents the vision of what the transformation of an organization entails if it wishes to create strong analytical competences. In many companies, analytics departments are sticking to their traditional role, where they often only provide simple reports and customer selections on demand. They do not actively participate in value creation discussions due to a lack of analytical capabilities to provide strong market and customer insights. Data marts are typically small subsets of the data warehouse and are usually oriented to a specific business line or analytical team.
