Harnessing data for the purposes of insight and actionable intelligence is one key area that differentiates the leaders from the rest of the pack. Static reports went away with the dial-up modem and innovative retailers count on data that is clean, can be easily visualized, is readily accessible, and can support the entire organization in real-time.
Sadly many organizations are saddled with legacy environments that are siloed, difficult to scale, and demand real effort from end users in order to extract value. We run into this reality quite often and have created a quick guide that can be used to ensure that you are ready to implement tools, like Clear Demand, that rely on quality data and can transform your data analytics abilities.
By following the steps below you are minimizing risk and improving your chances of creating a sustainable and viable data-driven organization.
- Plan: First things first you should start by defining terms, scope, business objectives, time frame and expected outcomes. This bit of preparation will ensure that your efforts stay on course.
- High-Level Buy In: Building a fully functional data driven organization requires broad participation and it starts at the top by educating the C-level and senior executive team on its benefits.
- Tactical Support: Just as important is involvement and participation of the team that will be setting up and leveraging the data. This includes specifying enabling requirements and getting initial commitment from the following-
- Functional staff (multiple roles – data scientists, translators,…)
- IT development and systems
- Short-term investment
- Benchmark: Learn from other companies’ experience. Review case studies, leverage the broad experience of your consultants and partners, and document what has and hasn’t worked from their efforts.
- Prioritize: Identify priority use cases (i.e., specific business problems that each unique group will be looking to address). For example, our customers identify cases around KVI Analysis and Identification, Store-level forecasting, and striking the right balance between enforcing business rules while pricing products that reflect the optimal price based on demand.
- Early Victories: You want to set your self up for some short-term wins that produce business value and practical utility. Budget owners will keep the funding rolling if they can see an early positive return.
- Plan for Growth: Develop multi-year road-map to scale up organization, scope and investment based on early successes and aligned with overall corporate strategy.
This list is by no means exhaustive but it does contain activities that our customers have found essential in increasing the success of their data-driven activities. Data is growing exponentially as is its application for solving problems and directing strategy. You simply can’t approach this without careful thought and consideration.