In this article, we will look at some of the ways which can help you in getting a clear picture if you have your data to work for you or it is the other way around.
I have been asked in my last meeting how data can help in winning and retaining customers, also excelling in customer experience. In our conversation, the pattern started to appear. The challenge was not that the client was not aware of the importance of data; her main concern was that her team was busy in managing the data instead of managing the customers.
How many times we have seen and heard this, and yet it still is a touché.
Even when organizations have started to give Analytics and Data Science its due importance by making it a strategic investment unit, still the research says 82% of all the data analytics projects do not get to see successful closure.
“Are you one of the 18% of all the companies to see Data Analytics projects through to the successful closures?”
One of the problems, which I have seen with several of my clients is that they tend to place all their bets on data. For them, it meant to hire a team of data fanatics, get big data and cloud storage, purchase expensive data reporting tools, and to hope to see that data would work for them to get the business insights they needed.
The results were not encouraging; my answer to them was undata yourself.
There is no doubt that data is an asset, and it needs to be managed well to give you the return that you expect. If you were to go from descriptive analytics to cognitive analytics i.e. from plain bar charts to predict how your customers will decide on your product, ask these questions:
+ Do you have the right mix of people in your team, or are they all data experts?
+ Do you have the right roadmap to support your futuristic plans?
+ Do you have the right partner to guide you and help you build your capability?
+ Do you have effective processes that can help you in focusing on results instead of data?
+ What about business experts who can read and understand the insights?
For example, in recent engagement with one of the largest and well-known financial institutions, we were called to help them in setting up a data analytics shop. Though the institution had a good head start in analytics efforts, they were struggling to make headway from proof of concept to monetization and realization. Organizational culture and upskilling were two of the five primary areas they needed to focus as much as investing in technological advancements.
In today’s world, tools are available in plenty, from commercial to open source. Worlds of Amazons, Microsofts, Googles, and others have provided us with the opportunity to kick start digital journey with a simple click of a mouse button, and it is easy to get lost in the web of data.
There is no replacement of having a strong foundation of human capital, efficient practices, and collaboration as the catalyst to simplify the hyper-integrated data environment and get those two or three customer insights that can help you in winning and retaining them.
It is easier to start any initiative in BI & Data Analytics space yourself. I recommend all the companies to do that to get the lay of the land. In parallel, bring the data practitioners like lera.us, which have an intense focus on value-driven BI and Data Analytics processes. The immense experience of such partners, who have spent the number of hours in outlining the best practices, will help your organization to set up a strong foundation for digital transformation and go beyond digital with several gigabytes speed.
Happy to hear from you!