In 2018, data and data analytics can't be ignored. Data Analytics is quite big buzz these days. Analytics is the combination of analysis and logics and it is the collection, measurement, analysis, visualization and interpretation of digital data illuminating user behaviour on websites, mobile sites and mobile applications.
Following are the six ingredients of a successful digital analytics transformation.
Purpose: Without the defined or a clear image of the purpose, none of the other components matter. While not every purpose needs to be world-changing, purpose expalins about the ideas and plans. Without having a clearly defined purpose, digital transformation simply cannot happen.
More over employees will not stay if there is no clear sense of purpose and meaning inside your company.
People: Once the purpose is defined the next most important component is digital analytics, which means you have the best tlented pool of the folks. This is about building a robust, agile team with a deep culture that is focused on a constant, never-ending desire to expand.
However, it is important to build a cross-functional team. The best teams requires good investments in training as well as the need to set the right goals and overall expectations. Without investing training and development, can't expect from the team to grow continuously.
Platforms: Simply put your platforms as your tools. This aspect gets the most attention in most businesses because the misperception is that tools are the key drivers of success. This thinking is praised by well-intentioned by sales team and solution providers knows that the latest technology is required to solve any problem.
The tools are only as powerful as the purpose, people and process the company has developed. That said, you could have the greatest team with a clear purpose and well-thought-out processes, but if your tools are terrible, it will impact your pace:
- Collection of data about customer's experiences.
- Collect and store data from different platforms.
- Strong analysis of things.
- Long-term analysis.
- Think what we have learned.
Process: Most entrepreneurs are fast to check procesFor agile teams working within the aggressive and fast-moving demands of digital business, you might need to re-think what the process is to analyze information and make decisions as well as the speed to insights. They all need to be simple and allow us to learn as much as possible.
Without process, you're doomed to repeat the same mistakes over and over again until you take the time to document your process and consistently get it right. Early adopters processes and by their very nature chaotic, whereas on other side the more mature processes are so well tested that everyone on the team knows exactly what's expected from each team member and how to ensure all the functions of business are continually delivering the best output.
Pace: When talking about pace, it's all about the clock speed of your business. Specifically, how fast are you able to act on the data that is collected? Unlike the previous four components, speed is a function of how well the other four components are working. A slow pace is the result of the purpose being blur, the people not being a good fit for their roles, the process being weak and/or the platforms being too basic. Your business should able to find the latest opportunities because your team is data-driven and digitally native.
Payoff: Possible payoffs should be well defined at the beginning of the project. A company's ultimate purvey of success is its payoff. This is why it is needed. Specific to data analytics means that we have the intelligence we need to respond to the opportunities that present themselves.
Without the ability to measure the opportunity cost, any positive payoff can feel like everything is working as it should. In the digital analytics world, payoff must be effectively measured and the payoff must be relative to the problems you're looking to solve in order to be fully realized. Ideally, payoff means that your team is consistently raising and exceeding the bar so that the company is growing, learning, disrupting and expanding. All metrics should be quantifiable otherwise, it's very hard to get understand when and how we get the success.
Here are six ingredients of a successful digital analytics transformation when viewed together, can help to better understand where you and your company find yourselves today in digital analytics journey.