Analytics Success…. or Not?
It’s happened more than once that we have had customers call us in after struggling to implement their analytics software for a year or more. Although we’re happy to be able to help, it would be nice to see more success for these projects early on. Based on what we have seen it is not surprising to read the McKinsey study results showing 25% of companies have felt their analytics activities have been unsuccessful and a full 86% suggest that their analytics efforts have been only somewhat effective (or worse) at meeting their primary objective.
So what’s the problem and what do we do about it? How do we get the promised Return on Investment (ROI) that is promised when analytics sales are made?
Meta S Brown has some great tips for avoiding the downfalls and getting success out of your next analytics project in this article.
I’d like to reiterate the point that Meta makes regarding starting small. Having a success out the door is much better than trying to solve the biggest problem with the biggest potential impact as the first project. This start small approach is ideal to run with Agile project management. Gain some success quickly and build up the user buy-in.
Speaking of user buy-in, this is a key part of the process for a successful project. This was mentioned in our Agile Data Warehouse blog post but it’s worth reiterating here. Gaining support from end users is great for showing immediate value in the project but also for the support of future projects. Staying away from the “if we build it they will come” approach is key in driving value out of any analytics project.
Data driven decisions can be a big key to market differentiation and gaining a competitive advantage. There is a valuable ROI to be had by implementing analytics wisely. Ask us how we can help put you on the success side of the statistics for showing ROI from analytics projects!
Feel free to ask us for guidance in getting the most out of your Analytics Projects. We are happy to help with a plan to help you find analytics success. Contact us at firstname.lastname@example.org or (587)-885-1090.