Article | September 30, 2015
Data data every where, not a byte to crunch :: Ever elusive RoI
As a leader, moving your business from gut hunch to data crunch mode of decision making is no more a choice. The winds of change have already forced you to be data driven. Else your business will balk. But a good percentage of initiatives have a positive RoI missing in their advanced analytics investments. Here is a practitioner view of having lead many such initiatives even before it was called analytics.
1. One size doesn’t fit all:
The term disruption means different to different businesses. Analytics based decisions will vary depending on the nature, evolution, state and size of your business. Trying to ape a very large competitor or trying to re-use a very successful use case from another industry without a reality check is the first killer of RoI. Choose your business case with clarity. If it means delays in start of your transformation, so be it.
2. Choose partners wisely:
Most organizations are open to looking outside for specialized expertise.
In the field of analytics, where technology changes so fast, trying to do everything internally may be extremely counter productive especially if your bench strength is yet to develop. Look for partners, especially who offer focused solutions. If you are starting a fresh or is a late entrant, experiment with near / ready to use platforms and solutions. Wrong partner choice may lead to extreme sub optimal results.
3. Know your data before you use it:
I agree that this is a tough one. If you know your data, then it is great. Most often you don’t. First see whether you can use third party pre-built solution.
Are many providers of meta models for your business / industry and platforms to manage this for your industry. Greenfield approach in this area most often is foolhardy. Root cause of wrong business decisions lead you back here most often and since you are doing an RCA you have missed the bus anyways.
Where does this apply to you?
If something here resonates, we’re open to a thoughtful discussion.