Most companies have no problems with the start of the data analytics marathon, but many of them aren’t completing the entire race.
To get your business refocused and ready to conquer the last mile of analytics, I offer three suggestions: (1) Automate early-stage tasks.; (2) Narrow the scope; and (3) Foster a stronger data culture.
Forbes
Brent Dykes
January 28, 2022
www.effectivedatastorytelling
The Executive Summary below was edited by the Author of the blog, as a voluntary service, to reach out the brazilian audience. The purpose here improve Health and Tech Strategy in Brazil. For the full version of the original publication, please refer to the 2nd part of this post.
Health and Tech Strategy
Joaquim Cardoso MSc. (Chief Editor of the blog)
January 28, 2022
Executive Summary
What is the problem?
- Many senior executives express frustration with the lack of value they’ve seen from their analytics investments.
- In most cases, their dissatisfaction can be traced back to a failure to focus on the finish (of the analytics process)
What is the analogy?
- Throughout my data career, I’ve often compared analytics to a marathon.
- The Data Analytics Marathon consists of six key stages or milestones : (1) Data collection; (2) Data preparation; (3) Data visualization; (4) Data Analysis; (5) Insight communication; and (6) Take action.
- Similar to running one of these long-distance races, your organization must be prepared, committed and endure to the finish if it wants to be successful with analytics.
What is the stage of most organizations?
- Most companies have no problems with the start of the data analytics marathon, but many of them aren’t completing the entire race.
- You’ll notice I included some percentages in the diagram. Based on my experience, they represent rough estimates for how many companies reach each milestone in the data analytics marathon (In other words, only 15% are generating insights, and only 5% are taking action)
- If your organization isn’t progressing through all of the milestones of the data analytics marathon, a positive return will remain elusive.
How to succeed in the last mile of analytics?
- Organizations must finish the analytics marathon to get full value from their data investments.
- To get your business refocused and ready to conquer the last mile of analytics, I offer three suggestions: (1) Automate early-stage tasks; (2) Narrow the scope; and (3) Foster a stronger data culture.
Throughout the entire analytics journey, it’s imperative that you stay focused on the finish line so you can fully capitalize on all the value that your data investments have to offer.
ORIGINAL PUBLICATION (full version)
Organization Must Focus On The Finish
Forbes
Brent Dykes
January 28, 2022
www.effectivedatastorytelling
If you’ve ever run a marathon in your life, you know how much preparation, commitment and endurance it demands.
While I’ve never run anything longer than a 5K, my wife has completed several of these tough races, including the prestigious Boston Marathon.
Throughout my data career, I’ve often compared analytics to a marathon.
Similar to running one of these long-distance races, your organization must be prepared, committed and endure to the finish if it wants to be successful with analytics.
Similar to running one of these long-distance races, your organization must be prepared, committed and endure to the finish if it wants to be successful with analytics.
The finish line for the data analytics marathon is slightly different than that of regular races.
There are no cheering crowds, no finish line ribbons and no fancy medals-your reward is the business value you generate from your data.
For example, the data could reveal how a key business process could be optimized or how a costly customer issue could be resolved. B
y comparing analytics to a race, I’m not implying it’s a one-and-done process. Just like many marathoners compete in multiple races each year, your analytics will go through several cycles as business priorities shift and evolve.
During each of these cycles, your organization must pass through the following milestones in the data analytics marathon:
The Data Analytics Marathon consists of six key stages or milestones.
Brent Dykes | Effectivedatastorytelling.com
1.Data collection. You collect all kinds of raw data on your business operations from different sources. Much of this data will be generated automatically regardless of whether you want it or not. Some of your data may require thought and effort (strategy) to be captured correctly so it can address critical business questions.
2.Data preparation. Before you can use your data, it must be cleansed, combined and formatted for reporting and analysis purposes. Without accurate and consistent data, it’s going to be difficult to obtain valuable insights from what’s collected.
3.Data visualization. To monitor business performance, your data must be visualized in reports and dashboards. By sharing this summarized information throughout your organization, managers and employees will be able to observe how different aspects of the business are performing.
4.Data analysis. To gain deeper insights into the business, your people will need to explore the data for potential issues or opportunities. An iterative process of data discovery will help your organization unlock insights that can lead to enhanced business performance.
5.Insight communication. To ensure the insights drive the right decisions and actions, they must be communicated effectively. Data storytelling opens the audience’s minds to new possibilities, using engaging narratives and clear visuals to explain key insights.
6.Take action. The last crucial step is to decide which insights should be pursued and then implement the necessary changes. In some cases, you may deploy a test first to verify the results before making wholesale alterations. Regardless, you’ll want to assess the results after each change and learn from them.
You’ll notice I included some percentages in the diagram. Based on my experience, they represent rough estimates for how many companies reach each milestone in the data analytics marathon.
Today, I’d estimate 99.8% of companies are collecting data, and a high percentage of these organizations are also preparing reports and visualizing their data on a regular basis.
Today, I’d estimate 99.8% of companies are collecting data, and a high percentage of these organizations are also preparing reports and visualizing their data on a regular basis.
However, there’s a significant drop off at the last mile in the race where analytics teams perform analysis, share their insights and then implement changes to optimize the business.
Most companies have no problems with the start of the data analytics marathon, but many of them aren’t completing the entire race.
In fact, they’re more likely to bail and start a new race than see an entire marathon through to the end. As a result, they are constantly running but never finishing anything.
Most companies have no problems with the start of the data analytics marathon, but many of them aren’t completing the entire race.
Frequently, I run into senior executives who express frustration with the lack of value they’ve seen from their analytics investments.
In most cases, their dissatisfaction can be traced back to a failure to focus on the finish.
If your organization isn’t progressing through all of the milestones of the data analytics marathon, a positive return will remain elusive.
In most cases, their dissatisfaction can be traced back to a failure to focus on the finish.
How to succeed in the last mile of analytics
Organizations must finish the analytics marathon to get full value from their data investments.
If your company keeps restarting the race and only running the first portion, your analytics solutions will never pay for themselves.
While the last mile only represents 3.8% of the marathon’s total distance, it represents a crucial section that will decide whether you generate value from the rest of your efforts.
To get your business refocused and ready to conquer the last mile of analytics, I offer three suggestions:
- Automate early-stage tasks.
- Narrow the scope
- Foster a stronger data culture.
1.Automate early-stage tasks. There’s a lot of hype about introducing artificial intelligence and machine learning capabilities throughout the entire analytics marathon.
However, the areas where it can significantly benefit organizations is in the early stages of the process.
Today, there’s a host of new technologies that can automate and streamline the traditionally labor-intensive, repetitive tasks that occur in the data collection and preparation phases.
If you can help your analytics team to be more efficient with the tasks at the beginning of the marathon, you can reallocate more time and energy to last-mile activities such as data exploration and data storytelling.
2. Narrow the scope.
Frequently, organizations have grand visions of what they want to accomplish with analytics.
They launch large data initiatives that eventually crumble under the weight of their own ambitious scopes before any value can be generated.
Rather than going high and wide with your analytics (boiling the ocean), it generally makes more sense to go start-to-finish with a more targeted, narrow focus.
A limited scope may sound counterintuitive, but you’re more likely to generate insights and business value faster, which can build momentum for future, expanded analytics efforts.
3.Foster a stronger data culture.
Your company’s existing data culture will dramatically impact how difficult each analytics marathon will be.
If your organization has a weak data culture, it’s going to feel like you’re running uphill constantly.
From low management buy-in to incompatible business processes and weak data literacy, multiple barriers will make progress slow and difficult.
To build a stronger data culture, it must always begin with your executive team leading by example, prioritizing data initiatives and clearing internal roadblocks.
Eventually, as a data culture begins to emerge, its gravity will help propel your organization through successive analytics marathons.
With a strong data culture, the data analytics marathon will feel like you’re running downhill.
Marathon running is not easy — 26.2 miles is a long distance. Analytics is not simple either and can take years to come together.
Experts advise new marathoners to run the first third with their heads, the next third with their legs and then the final third with their hearts.
This aphorism applies equally well to data analytics marathons.
At the beginning, you need to be smart-align your data with the business strategy and lean on technology to lighten the burden.
In the middle, you must be strong and rely on your domain expertise and analytical skills to discover actionable insights.
Then lastly, you want your people to be inspired to act on the insights and drive positive change.
Throughout the entire analytics journey, it’s imperative that you stay focused on the finish line so you can fully capitalize on all the value that your data investments have to offer.
Throughout the entire analytics journey, it’s imperative that you stay focused on the finish line so you can fully capitalize on all the value that your data investments have to offer.
Originally published at https://www.forbes.com.
