Where to Start: Analytics for your team

The phrase "big data" has existed for more than 20 years, to the point where nearly all data is “big data”. In that time, tech firms created trillions of dollars of market value—often due to how they collect and use data within their products and to inform their operations.

While it used to require that "big tech"-sized budget to make data a part of everyday operations, recent advances in data platforms make it accessible to businesses (and budgets) of all sizes.  

To maximize value with a data project, it's important to consider several aspects of your business and goals:  

Set a Strategy

This may generate a few eye-rolls, but it is really important. Having an idea of what you want to measure with data can greatly improve the speed and efficiency of your project. For many businesses, the data alone won't "give you the answer" (there are too many possible metrics, many of which won't be useful or actionable).   

Think About Your Team

Whether you have a team of software developers and business analysts, or a single "data person" (whose expected to be your "Analytics Swiss Army Knife"), the reality of many analytics projects is that they involve "glue work", meaning their success hinges on team members doing more than their roles have required in the past. Perhaps that means a spreadsheet-wizard Business Analyst needs to learn some SQL, or a software developer learning some cloud infrastructure skills. 

One way to reduce the impact on your team is to involve a consulting partner to help with development and configuration, but do you plan on them maintaining it afterwards? It is essential to plan for long-term ownership of any new data tools or infrastructure.   

Consider Cost

For many, this is (understandably) the #1 consideration with a new analytics project. They can be expensive, and tech-related jargon makes them hard to understand for many business leaders. The good news is that every project exists on a spectrum, from focused, lightweight solutions ($)—to more comprehensive platforms ($$$). Making an informed decision about what you definitely need and don’t need can help optimize the scope of your project.  

Typically, the greater the investment, the greater the return on that investment—whether it be through employee time/cost savings, material waste reduction, or seeing increased revenue through new data-driven offerings to your customers.     

Overall, it is an important decision to invest in the future of your business and team through an analytics project, though the outcomes offer substantial benefits to those who do so. If you are considering it, we'd love to hear about it!