5 Steps to Get Big Analytics for a Small Price Tag

5 Steps to Get Big Analytics for a Small Price Tag

5 Steps to Get Big Analytics for a Small Price Tag

Getting started with analytics can be a large undertaking for any organization. Adding to the marketing hype and confusing the rest of the business are an increasing number of buzzwords like big data, business intelligence, predictive analytics and the internet of things.

Additionally, the emerging technology is advancing at an unprecedented pace. It is no wonder organizations find it tough to comprehend what all of this means for their business. When organizations analyze the cost of the software, hardware and resources, an analytics project may appear too daunting.

According to a Gartner study, over 50% of analytics projects fail. When we truly break down all the components in an analytics project, it comes down to a risk-and-reward ratio.

The following five steps help lower the risk and raise the reward.

A new tool will immediately add cost before any value is achieved. Outgrow your current toolset as the program expands. Don’t ‘grow into’ a new toolset. Most analytics projects do not fail because of the technology, they fail due to a lack of vision, execution and talent. Many organizations will look immediately to a new technology to solve their analytical problems. If the data isn’t available or is inaccurate, you can’t analyze it. A new tool will not solve this problem.

Read Also:
Types of Business Intelligence Software for Your Business Needs

Analytics projects fail because they are too big. Big projects lack a unified direction, suffer scope creep and have too many stakeholders. Think low cost and fast time to value.

Find an area in the organization that is suffering from a lack of insight. Focus on solving this one problem. Ideally, the data associated with the problem is accurate and complete. Solve the problem and show a positive return on investment.

When touting the quick win that the analytics resources accomplished, include a return on investment (ROI) calculation. If the ROI is positive, add this as a reporting metric for the group. Shift the organizational thought process from analytics being a cost to a revenue or profit center.

This can be a tough discussion to have.

 



Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
Looking To Evolve Your Business Through Software Intelligence?

AI Paris

6
Jun
2017
AI Paris

20% off with code AIP17-7WDATA-20

Read Also:
State Street Tests a 'Rosetta Stone' for Bank Databases
Read Also:
Using Machine Learning To Understand Your Customers Better

Chief Data Officer Summit San Francisco

7
Jun
2017
Chief Data Officer Summit San Francisco

$200 off with code DATA200

Read Also:
Types of Business Intelligence Software for Your Business Needs

Customer Analytics Innovation Summit Chicago

7
Jun
2017
Customer Analytics Innovation Summit Chicago

$200 off with code DATA200

Read Also:
Looking To Evolve Your Business Through Software Intelligence?

HR & Workforce Analytics Innovation Summit 2017 London

12
Jun
2017
HR & Workforce Analytics Innovation Summit 2017 London

$200 off with code DATA200

Read Also:
Agile Data Science Teams Deliver Real World Results

Leave a Reply

Your email address will not be published. Required fields are marked *