Where to start?
Data analytics, the science of examining raw data (coming from anywhere internally or externally) with the purpose of drawing conclusions about that information, has been a hot topic for several years. Many companies are racing to develop analytics organizations and resources within their company. Others are tentative, uncertain whether the effort will yield measurable impact, actionable results, and actual benefits.
For most companies, the first challenge of data analytics is determining where to focus to generate specific insights, given a wealth of available data. Many case studies show how a particular function delivered well-applied analytics science to the business, but what does it take to build this capability and organization? Here are four ideas to get started.
We also suggest starting with a proof of concept. Pilot projects allow for an organization to develop an analytics baseline, find their footing, and learn what is needed from a technology, data, and talent standpoint to drive business impact from analytics insights. It also enables the organization to better track costs, monitor hiccups, and understand the ROI of its analytics approach before deciding to scale up its analytics resource model. Lessons learned can be applied elsewhere in the organization, whether across business units, service lines, front and back office, or various departments.
Remember: Start small, then scale
|Jordan Wiggins, is a principal in the Media and Entertainment Practice of Deloitte Consulting LLP, where he focuses on driving analytics based solutions that enable organizations to utilize raw data more effectively in their future business decision-making process.|
|Don Miller, is a senior manager in the Organization Transformation & Talent Human Capital Practice of Deloitte Consulting LLP, where he focuses on helping clients improve performance through building organization structures to execute new capabilities through their workforce.|
|Jennifer Baldwin Koger, is a consultant in the Organization Transformation & Talent Human Capital Practice of Deloitte Consulting LLP, where she focuses on helping clients improve performance and efficiency through technology adoptions, change management, targeted communications, and training.
Contributor: Michael J. Walsh