Getting First Steps Right
Firms across sectors are increasingly recognizing the role of advanced analytics in enhancing business functions and operations.Mature Firms have established dedicated cross functional analytics teams and are reaping rewards.These firms has come through a long journey in embedding analytics as a culture within organization.
If you are one of the firms looking to start on analytics now is the right time.It is very important for starters to do certain things right for ensuring right outcome of study as this will build confidence within organization and set the ground running for future initiatives.
Cutting across buzzwords and hype one should get business priorities right. Key things one should ensure
- Define your business objective and expectations from such exercise clearly in discussions with all stake holders.
- Engage experienced partner with domain and technical experience on this exercise.Someone who has worked in similar exercise before would be able to guide you in right direction and ensure you see success.
- Decide if you have meaningful data available for this exercise. Getting someone from IT team on board will give perspective on availability and readiness of varied data sources within organization. Ex: If you are planning on customer retention modeling initiative and significant population of your customer base has contact ability issues then correcting that might be the first step.
- Understand modeling outcome and technical implementation of the outcome. This is critical as leaving outcomes standalone would not make sense.See how modeling outcome can be integrated with your IT systems. Such systems may include CRM applications integrated with auto campaigning and calling features, customer service platforms,lending solutions etc.
- Define your business strategy around modeling outcome.
- Define success measurement frameworks and criterias.
- Educate your workforce about process changes (if any) that are to be made. Ex: Modified usage of IT platforms, modified customer engagement process
- Roll out your strategy in steps with continuous monitoring.
Keeping above things in mind should set you in right direction. However beware analytics is a journey in itself, much like a relay race. To ensure success everyone involved has to do its bit.
This article reflects my experiences of interacting with different clients, business stakeholders and understanding their requirements, questions and concerns related to jump starting analytics. Let us know if you found this article helpful. Feel free to share your experiences and we will share with our audience.