5 ways executives miss out on impactful analytics projects

When it comes to initiating new data analytics projects, many of us can’t help but envision great obstacles. It can feel intimidating to take the next step and commit your team to an unfamiliar endeavor and align on an evolving data and analytics operating model.

Yet, too often, we’ve seen teams in various industries put off valuable analytics ideas, only to find themselves in a heap of trouble down the road. Most of the time, this is due to the internal friction caused by a lack of time, resources, and understanding of what committing to a data transformation requires.

You’re probably here because the title of this article struck a chord with you. Let me tell you, you’re not alone. Here are five common objections we hear around analytics projects, coupled with alternative ways to frame them from a new perspective.

1. “We need a data strategy first.”

Waiting on an elusive, perfect “data strategy” is a costly excuse to do nothing. We should help you start from your objectives and illustrate how data can take you from where you are now to where you want to be.

Over the years, we’ve applied our business-first method in various industries to develop customized Data Roadmaps. Beginning with a Workshop, we aim to identify your top priorities and strategic initiatives. In other words, What might keep you awake at night? What’s keeping you from hitting your targets? A complete analytics project goes far beyond just putting a band-aid on a problem. We’re here to translate your business needs, be they commercial, operational, financial, or HR, into that actionable “data strategy” you need.

Instead: Re-frame this objection into how you can make your goals more defined and measurable. For instance, if you have unsatisfied customers and a high churn rate, can your current CRM environment understand your KPIs and give you a quick analysis of the warning signs?

2. “Let me forward you to the IT department.”

Then, there is the case that you may not feel like data is your responsibility.

It’s not the sole responsibility of IT to spearhead an analytics project. Departments like finance, marketing, sales, legal, customer success, etc., have a significant role in accomplishing successful data projects. Of course, that doesn’t mean you should exclude IT, quite the opposite. They should remain an active stakeholder on all data-related projects.

Instead: Data belongs to everyone in the executive boardroom, not just to the IT department. To drive real business results, we can help bridge the knowledge gap and coordinate with cross-departmental teams. That way, you can count on the inclusion of crucial input from all stakeholders during your next analytics project.

3. “We're in the middle of a transition.”

Whether you’re migrating to the cloud or are in another technology or process transition, prioritizing an analytics project can be a quick win for your company.

Let’s face it: everybody is in a transition. What matters is making sure the “quick wins” we identify together are compatible with the upcoming changes. It is possible to deliver value fast while anticipating the future solution or process requirements, as well as the current environment. We are used to delivering value-adding projects during a transition without waiting for it to be over. We can “future-proof” a project’s solution for the new environment, so you don’t have to do the same work twice.

Instead: Don’t let this mindset prevent you from being creative and driving efficiencies for the next two years. So many opportunities for analytics projects are ready for you to seize. Improving your company’s data maturity IS a transition. How are you taking steps to nurture it today? Are there “quick wins” ready to be realized? Let’s find out together.

4. “We need [shiny tool] first.”

Some assume that they need to implement [insert miracle tool name here] first before considering an analytics project. But, being tool-obsessed is a recipe for disaster, as you’ll start from a presupposed solution instead of the actual problem to solve. As a technology-agnostic, independent company since the beginning, we’ve had experience with most tools available and can even help you choose, then transition from one to another.

Suppose you’re unsure of which solution is right for you. In that case, we can help you evaluate a new tech stack, see that it indeed addresses your problem, and frame the tool within your organizational strategy.

Instead: This perception echoes back to #3; if you’re transitioning between tools or considering switching in the future, know that technology is a support, not a requirement. We’re focused on the result-driven, practical application of data science, not the technology.

5. “We don't have time for this right now.”

This is a legitimate objection we hear from executive leaders, and as a growing scale-up, we re-prioritize our internal projects all the time. It’s the reality of running a business!

But, when scoped well and if the perimeter of the intervention is well-defined, many teams are surprised at how fast an analytics project can take (and how little it impacts internal teams). Many clients appreciate our hands-on, pragmatic, autonomous style to so-to-speak “take a project and run with it.”

Instead: It is possible to act faster than you think to see results. There is no time like the present to pursue analytics projects and build new capabilities.

Change before you have to.
- Former CEO at GE, Jack Welch

The Takeaway

What much of this comes down to is a creative challenge. The current limit is our capability to create value from the data available and answer the question: What can data do for me?

If you related to even one part of this piece, consider having a look at examples from Agilytic projects' results for some innovative project examples. We’ve worked with over 100 clients in more than 15 industries and would be happy to assist you in your next project.