Do you want to develop a first class data analytics practice?
If so, then this is the first in a series of blogs which outlines the requirements and features of a data analytics practice that delivers real value to the business.
However, before we start ask yourself these 3 questions.
How important is data to your business?
Is your data analytics practice as effective as it needs to be?
What foundations need to be in place to ensure business success?
Most businesses cannot sensibly answer all of these questions but today I will endeavour to answer the third for you.
It is important as a minimum, to understand that it doesn’t matter whether you are an online retail operation, a small or medium sized business or a multinational company - your data can be your most valuable resource.
But only if you take the time to develop a data and analytics capability that can take advantage of it!
Once this is understood, the key to developing a first class analytics practice is to approach any data issue or project from 3 perspectives. You need to create a disciplined approach to Understand / Act / Optimise.
First you need to understand what problem or opportunity you want to solve and how important it is by asking some simple questions like:-
• What’s happened?
• Does it matter?
• Why did it happen?
• How did it happen?
• What is the impact?
Secondly, look at the options you have and understand what action needs to be taken.
• Do we need to act and if so what needs to happen?
• When do we need to act?
• Undertake the action.
• Monitor and analyse.
• What feedback can we create?
Finally, once initial actions have been taken how do you ensure you are optimising the situation?
• Monitor current outcomes from current action
• Develop what if scenarios
• How can you optimise?
• New actions as required
In essence, by creating a data and analytics led fact based outcome approach, you are laying the foundations and building a culture which can enable the business and those operating within the business to make the best decisions possible.
Blue Label Consulting
Brendan launched Blue Label Consulting in 2011. With innovative use of Data through AI, ML and other quantitative methods, he delivers robust analytics and actionable insights to solve business problems.