Linking Analytics to Business Objectives for 10x returns
Data Science is an amazing tool in the organization’s toolbox. It can provide immeasurable value when done well. And yet Gartner estimates that by 2022, only 20 percent of analytic insights will deliver business outcomes. What’s missing?
Linking your analytics outputs to tangible business objectives.
Call this concept “Data Strategy”, “Data Culture”, “Data Literacy” or anything else you like. The point is that without a tangible business problem that the organization is motivated to solve, your data science and analytics efforts won’t maximize their value.
So what does Data Strategy look like? There is clearly more to unpack than just these, but let me propose two things to get started:
First, don’t decouple your data strategy from your business strategy. Anything you do should start with the needs of the business and work backwards, rather than starting with the data and working forward. A good “Data Strategy” isn’t really different than your organization’s strategy. Data should be embedded into each strategic priority set by the executive team. Do that, and your data strategy will take off like a rocket.
Second, empower your business to ask better questions, explore the data with you, and feel like they have ownership over the final solution. Data, machine learning, AI, and dashboards are only useful when someone uses them and then takes an action with them. The tighter your relationship is with the business teams that need your help to solve problems, the more THEY will help you define your strategy.
Let your executives and your business teams drive their strategy, and then seamlessly integrate your data strategy into it. That’s how we improve the current 20% success rate and drive 10x returns on our data science investments.
By: Matthew Jesser