Five things that make or break a data-driven analytics journey.
Companies that want to work in a more data-driven way should consider these five things before embarking on their journey. Whether it’d be marketing, hr, finance, or sales… The foundation has to be solid. To measure is to know; hence not knowing exactly what you are measuring doesn’t propel a company forward on its journey, au contraire.
Imagine a company that wants to identify so-called high potentials. What it means to be a high-potential could be drastically different in Europe as opposed to Asia or America. That’s why an unambiguous, shared language is required, so definitions are clear.
Ideally, a baseline is established. Without one deciding if trends are positive or negative becomes more of a guessing game. Also, data should be measured continuously. A one-off measurement can never represent the context and nuance that it needs.
If a company can only rely on analysts to reveal insights, there is a chance a lot of other valuable insights remain uncovered. The data should be accessible to the right people and presented in a comprehensible format.
Apples and apples or apples and oranges? Without the ability to compare, the data remains isolated. Comparisons in time or benchmarking with industry standards help with orienting where the company is.
Garbage in, garbage out. The adage doesn’t surprise anyone. Yet, dubious data input happens relatively often in analytics journies. These five pillars revolve around laying the right foundations, and quality is an absolute must.
Those five pillars once again; shared language, baseline & continuous measurement, comparing, and quality.