Ashmita Chatterjee

Associate Director, Analytics

In the Analytics Driver's Seat: What Fuels Success?

According to a study by Gartner, more that 75 percent of companies are investing or planning to invest in big data in the next two years. But, in order to be successful with analytics, it’s important to have the right infrastructure in place to guide your organization.

As I shared during a recent webinar, our analytics maturity model serves as a framework and roadmap to help prioritize the biggest areas of opportunity. At Rise, we use it to help establish how well an organization is able to organize and analyze data to drive business growth. Each step within it represents a different competency level of analytics sophistication. Identifying where you fall along our maturity model can help you to best recognize your strengths and weaknesses, create a common language among key stakeholders, and guide your next steps toward success.

What truly fuels your analytics maturity and allows you to advance through the model? In my experience, the following key drivers are important to consider to ensure you’re set up for success: culture, company alignment, and the right team.

Creating a Data-Driven Culture

A culture that values empirical decision making, rather than speculation, is vital to achieving optimal analytics maturity. This does not necessarily mean that experience, context, or intuition should be eliminated, but analytics should have a (head) seat at the decision-making table.

Marketers have to be agile in order to adapt to changes in customer expectations and balancing day-to-day business demands without losing sight of long-term goals. Your organization or team culture must be nimble enough to respond to unexpected changes and open to an ever-changing, iterative environment while focusing on top priorities. Creating a culture that values and understands the power of the data can allow you to pinpoint analytics opportunities and pivot faster so you don’t lose momentum.

Establishing Company Alignment Through Business Outcomes

Analytics is no longer solely tied to marketing. Instead, its learnings and insights impact your business as a whole and inform sales, product, finance, operations, and more. Before growing your analytics practice, the team should be aligned with stakeholders across the organization. Organizations that are analytically mature have a very strong alignment between analytics goals and company strategy.

Another crucial element that drives success is cross-functional support. Analytics experts are not just “data nerds” who use their prowess to solve business problems. They are essential members of the team working to gain a competitive advantage. One way to enable company alignment from a bottom-up approach is to get quick wins and add to your success. Take the time to evaluate processes, recommendations, and results. Incremental gains can be very valuable and will lay the foundation for trust and support.

Building the Right Team to Deliver the Right Insights

It’s challenging to successfully execute any strategy without having the right team in place. For analytics, technical and quantitative skills are standard, but there are also intangibles needed to succeed in this fast-paced environment. Your analytics team should be enterprising, curious, creative, tenacious, and have a sense of urgency to excel.

It’s also important for your organization to cultivate “polyglots” who are both fluent in analytics and speak the language of business. These individuals should be comfortable taking both the 30,000-foot and 300-foot approach. They need to sit side by side with the decision makers and contribute ideas from their analytical perspective. The right team needs the right mix of generalists and subject matter experts.

There isn't a generic route to an ideal analytics maturity. Constantly innovating and delivering on your analytics is the only way to truly deliver highly relevant experiences for your consumers. Each business has to assess where it is, then identify and prioritize how it will get to the next stratum. By building these drivers, understanding what your opportunities are, and being able to prioritize them, your organization can reach the next level of analytics maturity to help you see success across your marketing initiatives.

If you have questions or want to learn more about how to improve your digital marketing strategy, reach out to Rise. 

08/12/2016 at 03:27

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