Time is money. Every minute you spend on making a decision matters as much as making the decision itself. And for making the right decisions at the right time, you need the power of information.
Whatever your objective is (minimizing expenses or maximizing sales); the best way to achieve it is by following a data-driven approach. It lets you access and provide safe and accurate data to the right stakeholders.
Employing data-related practices can be a fruitful venture if done the right way. But it can be an expensive failure if you fail to advance without proper guidance.
And in a world filled with fierce competition, it will be very difficult to survive if you do not use the power of data in your business.
Here are some tips to help you make use of data-driven projects.
Understand the Data Trends that Affect Your Business
Just as there are various business domains, the data trends dealing with each of the domains also differ. For instance, a traditional data warehousing technique will not be sufficient for a particular business.
You need to find out the most trending data technique that best solves your business problems and try to make the best use of it. Look for custom solutions and not generic conventional options.
Get Business Buy-In at a High Level
Always try to get a data project with real business buy-in and sponsorship. If you cannot, you may end up with heavy disappointments.
Focus on short-term goals and see if your data initiative has been helpful in achieving those goals. Start with small things and then see how employing a data-driven approach helps you.
Make use of these results to get more support for your bigger projects.
Align Your IT Team with Your Business Strategy
This is probably the biggest challenge you may face when implementing data-driven projects. You need to understand the values of both the IT teams and the management teams and be able to communicate the needed change in the right way.
You need to view the problem and solution from both a business and IT perspective and see that both teams get what they want. You should be able to show them how a data-driven change will actually be good for them.
Making the users trust the data is very crucial for any data-driven projects. High-level management must be able to attribute value to the data to make it more accountable.
On-point management of the data and taking ownership of the data are also very important to make it trustable.
Hire Expert and Experienced Professionals
It is good to learn from your mistakes. But, it is always better to learn from someone else’s mistakes. Many organizations regret not making the most profitable decision or being unaware of other options that could have brought them more benefits.
Unless you actually have someone in your team who knows about all the options, you will remain ignorant of the wide range of opportunities for betterment.
So, always make sure that your team consists of people who have already been in the data field related to your business.
Experts will help you identify things early in the project and avoid unfortunate surprises in the future.
Dealing with the Changing Requirements
The initial requirements are not written in stone and are always bound to change. This is because, as the projects get underway and teams better understand the problem and technology, they will keep learning new things about what will work better and what needs to be changed.
You need to be able to accommodate the changes and have a proper plan to do so. One way to do this is to go for shorter implementation cycles and allow changes to occur in a phased manner.
Understand What Makes Good Data
Accuracy and timing are two things that you need to look for in good data. These are the qualities that make data truly useful for making decisions.
You should only use relevant data and make sure that every single impact it makes is measured and analyzed for making better decisions.
See what drives your customers in deciding to do business with you and ensure that the particular data reaches them at the right time.
Delays can void the entire purpose of your project and you should hence make sure that you have great data in hand to make the best decisions for success.
So, how do you plan to advance data-driven projects in your organization? Do you have any questions or points to add here? Please feel free to drop us a note below and thanks for reading!