Scaling Your Data: The Run Stage
In today’s data-centric world, businesses that harness the power of analytics have a competitive advantage. Analytics is a journey and we’ve separated out that journey into three stages: Walk, run and fly. At the run stage you’ve already built up an ETL pipeline and modelled your core metrics, done your first analyses and are now looking to expand. Here’s some key tips for this stage:
Choosing the Right Business Area and Quantifying Impact
When expanding your data efforts, it’s crucial to focus on one business area at a time. By concentrating your resources and efforts, you can iterate quickly, identify challenges, and deliver tangible results. Avoid creating an extensive list of data projects, as this can lead to a longer time-to-value. To prioritise your projects, it’s important to quantify the problems you aim to solve. Identify areas where data can have a significant impact, both strategically and operationally. Look for opportunities that can generate quick wins and demonstrate the value of data-driven decision-making. Some examples of in-depth analysis areas include: Cost of Acquisition, Dynamic Segmentation, User Retention, and Marketing Attribution.
Becoming Data-Driven: Training, Democratisation, and Decision-Making
To truly become a data-driven organisation, it’s essential to invest in training and democratisation. Data literacy across the company empowers employees to make informed decisions based on data insights. This can be achieved through various initiatives, including tool adoption and training programs.
Adopting Data Champions, individuals who act as data advocates within their respective teams, can significantly contribute to spreading data awareness and driving adoption. These champions serve as points of contact for data-related queries, facilitate training sessions, and promoting a data-driven culture.
Moreover, integrating data into decision-making processes is crucial for maximising the impact of your data efforts. Ensure that data is readily available, easily accessible, and integrated into relevant workflows.
Designing an Efficient Data Team
As your data efforts expand, it’s vital to align your data team with the core business verticals. By structuring your data team around specific business areas, you can enhance collaboration, domain expertise, and efficiency. This enables the team to understand the unique challenges and requirements of each vertical and deliver tailored data solutions.
Additionally, prioritising training and awareness programs within the data team is essential. Data technologies, methodologies, and best practices are constantly evolving, and it’s crucial to stay updated. Encourage continuous learning and provide resources for professional development. This ensures that your data team remains at the forefront of the industry and can deliver innovative and impactful solutions.
Governance, Documentation
As your data initiatives grow, it’s essential to establish governance and documentation practices. A robust governance framework ensures data quality, security, and compliance. It defines roles and responsibilities, data standards, and policies for data access and usage. By implementing proper governance, you can maintain the integrity and reliability of your data assets.
Moreover, documentation plays a vital role in maintaining transparency and knowledge sharing within the organisation. Documenting data pipelines, models, processes, and insights ensures that the information is accessible to all stakeholders. This promotes collaboration, reduces dependency on individuals, and enables scalability.
Activating on Data and Measuring Impact
Finally, activating on data is the ultimate goal of expanding your data efforts. Use data insights to drive actionable changes and improvements within your organisation. Measure the impact of your data initiatives by defining appropriate key performance indicators (KPIs) and tracking their progress over time. Regularly assess the effectiveness and ROI of your data projects and make necessary adjustments.
Conclusion
Remember, becoming data-driven is an ongoing journey. Continuously iterate, learn from your successes and failures, and refine your data strategies. By investing in training and awareness, and aligning your data efforts with your business objectives, you can unlock the true potential of data and drive growth in your organisation
If you are looking to rapidly scale your analytics initiatives but not sure of the next step to take, why not get in touch with the friendly 173tech team?