One of the biggest and costliest blunders that organizations make is having analytics projects only for the sake of it. Simply put, notintegratingthe projects into the business strategy. Incredible models are developed! But they solve problems that nobody cared about.
It is technically correct. But it has no value, as what it does is never tied to what the business actually needs. Aligning analytics to business goals is strategic and organizational.
This is the right way to do it!
Start with business goals
The first change is to begin every analytics conversation with a business question instead of a dataset.
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What does the decision look like?
What do you want to better?
What problem is costing the company resources?
These questions should be agenda-setting questions. Not data or tool availability-based questions.
Create a shared analytics roadmap
Alignment occurs when business and analytics stakeholders come together around a unified plan with a structured process. If organizations are not able to tie out the business value in analytics results, likely, they don’t have a shared roadmap developed and agreed upon.
Partnering with experienced data analytics consultants can introduce an external perspective. They can help the teams navigate competing priorities.
A solid analytics roadmap should:
- Connect every initiative to a specific business goal
- Linkmeasurable outcomes to each initiative
- Define a timeline based on business needs.
Establish metrics for success before you create a system
Suppose an organization cannot define what a successful outcome looks like in measurable terms before the analysis starts. It almost certainly isn’t clear enough about the problem it is trying to solve.
Have success criteria defined early:
- Objective
- Measurable
- Directly linked to a business outcome.
This provides accountability on both sides. The analytics team understands what it is working towards. The business has a solid way of determining if the investment produced what they wanted.
Integrate analytics thinking into business processes
Analytics should become an integral part of doing business. Rather than a function that creates reports when someone asks. In other words:
- Business teams that know how to ask questions for which analytics can answer
- Analytics teams that know what the business is trying to do with the data they are analyzing.
This mindsetcan create something that is greater together than it is apart. It can be achieved through:
- Shared language
- Cross-functional working relationships
- Cross-business data team touch points.
Review and realign regularly
Last but not least, business goals evolve. The team shouldregularly review the cadence for analytics (at least quarterly). This will keep the roadmap up to date and focus resources where priorities change.
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These reviews need to assess projects that were delivered and whether business outcomes were achieved. Efforts that are creating value are sustained. The others are restructured or discontinued.