How do you define value in data projects? In scenarios where data is used to drive clear outcomes this is relatively easy to quantify. For example, an algorithm that predicts the optimal route for deliveries can be compared to the control option and its relatively simple to understand the cost benefit.
Analytics solutions can be harder to quantify, the output is usually to improve decision making. Often across a broad spectrum of the business.
For example, a dashboard showing sales per store may be used by sales, logistics, marketing, finance and so on. All of whom use the analytics to improve decision making…. Or do they?
Adoption directly impacts the value, for example if a dashboard improves decision making by 25%, but only 5% of the target audience use it. Then actually the improvement in decision making is closer to ~1.25%. Adoption is key to realising the business case.
Successful strategies to improve adoption include providing rich, literate, data in models that all of the business can understand. Building confidence in the validity of the data, energising communities, and enabling employees to self-serve. So, what is your data saturation like?
Are the dashboards for improved decisions available and are employees using them?
Get in touch with us today if you would like to understand how you can gain value quickly from your data.
About Arreoblue
Arreoblue is a Data Analytics Consultancy specialising in the rapid execution of data projects from concept to delivery. Focusing on Financial Services, Retail and manufacturing, we help our clients become data-driven and make more effective decisions through data. Our commitment is to deliver fast Time to Value, ensuring that value is clear and thoroughly understood, leaving our clients with a platform for success they can continue to build upon. Want to find out more? Contact one of our experts today to see how we can create your bespoke solution!