Defining how success looks like for the users and key performance (KPI) indicators of the organization is a fundamental step to measuring value and return on investment(ROI) of analytics programs.
Not just sponsorship but championship driven from senior leadership of the organization is key to success of Analytics initiatives-be it strategy, road maps, product selection, big data, visualization, traditional data warehousing or business intelligence.
Whether the project management methodology is agile or waterfall or a hybrid of both, it is essential to demonstrate value quickly and frequently. We recommend techniques that produce measurable results.
Creating a detailed work plan for every project stage is required to meet schedule, manage budget, measure by critical success factors, communicate to stakeholders, and manage scope-risk-change.
Whether the goal of analytics initiatives is to improve operational efficiency, sharpen pricing strategy, enhance customer engagement, detect fraud, or launch disruptive innovation, the success is based on a clear business case definition on how analytics can help.
It is critical to conduct an assessment of structured, semi-structured, unstructured data, the business needs of data analysis, real-time requirements, processing volume, storage, and visualization factors.
A well defined and managed proof of concept has multiple productive outcomes- reinforced confidence for executives and stakeholders in the investment, tool stack, project approach, quick wins, lessons learned, and commitment to incrementally apply across the enterprise.