Ride your own Analytics Curve – you’re not FAANG (or some other acronym)
I don’t think anyone can deny the power and brilliance of what the use of data has done for all industries worldwide and continues to do. That might even be more the case when you look at the likes of Google and Facebook as they’ve taken advanced analytics to a whole new level. It’s also quite likely you’ve experienced or heard of some senior managers or directors wanting to achieve similar scale work at their own organisation; but is the type and scale of analytics at the tech giants right for everyone?
In a world where up to 95% of data is wasted in some industries, there might be higher value in going for the basics first and making sure data is captured and integrated together to provide insights. At Forecast, we refer to that as the Analytics Maturity Curve.
How do companies climb that maturity curve?
As a smaller team, Forecast describe themselves as a client-intimate business. By that they mean it’s more important to maintain a meaningful relationship with their clients built through delivering cost effective and cost-efficient work with meaningful results. In other words, they look to provide high ROI (Return on Investment). While Paul van Loon sees the benefit of an awareness of what it would take to build Amazon-like analytics for example, he believes the best way to reach that level of maturity is through starting the journey with bite-sized pieces of work. Without promising the world in multimillion-pound projects that will take years to implement, it might be better to get a couple of people in to showcase what can be achieved and take it from there. As the saying goes, “A journey of a thousand miles begins with a single step”.