Are You Ready For the Anlaytics Fast-Lane?

Data and analytics are everywhere, with numerous examples of how the right analysis yields significant lifts in marketing or operational efficiencies. The returns are, without doubt, measurable and worth the investment. However, a word of caution for the leaders – don’t be swayed by case studies and peer recommendations, or assume that employing an analytics firm will yield similar results for your business. Being ready to utilize the feedback in a timely manner, with a clear implementation plan, is equally critical to realizing the ROI on your analytics investment. Here are a few questions to ask yourself, before embarking on an analytics project.

1. What is the problem statement? Be clear with what question you need answered. It could be; defining the target audience for your product or/service, understanding customer engagement with your product, improving acquisition effectiveness with better offers, identifying churn propensity by customer cohorts, etc. The key is to explicitly state the goal, stay focused and avoid the “noise.” Defining a clear problem statement upfront is crucial to staying focused and not be distracted by a lot "interesting" findings that are bound to pop-up.
2. Do you have the right data set? Work with your analytics and IT experts to identify the right metrics needed to answer the above questions. A third party perspective is always recommended in such instances, since it helps question the status quo and is not bound by what is familiar. Start as comprehensive as possible, since analytical modeling often throws new data dependencies that may not have been obvious. A holistic view of data points available from the data warehouse go a long way in defining the problem statement.
3. Is the organization ready to ingest the analysis? The best time to use the analysis is “now.” I have often contended that analysis based on historical data is like playing catch-up. But, with predictive modeling we can project certain behaviors with a fair degree of certainty. The imperative hence is, that an organization has the operational capability to act quickly on the recommendations (marketing & sales changes, product updates, online experience edits, etc.). Invest in the back-end systems that can adapt and learn from the new programs, or else, run the risk of being obsolete.
4. Do you have dedicated personnel to guide the process? This is the most important determinant of success, and perhaps the most overlooked as well. A well defined problem statement, predictive analytical models and process efficiency cannot be achieved unless we have the right analytical minds leading and nurturing the program. As an organization, we need to recognize the need for analytics leader who has the resources and can rally the operational teams to achieve the desired outcomes. The ROI of analytical projects depends on this critical investment, just as it does on problem statement and analytical modeling.

Analytics and data modeling empower the businesses, and to stay competitive, businesses need to equally weigh continuous innovation and implementation. Rapid deployment is as critical for success, as is harnessing and modeling business metrics!

Enterprise Digital Transformation - A Practical Approach!

More and more enterprises are investing into a full-blown digital strategy that caters to the evolving needs of their users. There is an enhanced eagerness to adopt all things digital, including; digital marketing, paperless customer interactions, content push, brand promotion, account management, product servicing, the list goes on! It is imperative that an enterprise digital transformation be looked at holistically, with a road-map to tactically implement the strategy. Here are the 5 parameters that I found useful for such design.

• Digital P&L Ownership – often a line item in marketing or operations, digital enterprises need dedicated resource(s) to ensure proper planning, evangelism and management of budgets for optimum allocation based on data-driven approach. Typically, after an initial fanfare, digital programs tend to get buried under the more direct customer measurement metrics – and organizations wonder, “Why are the customers not happy?” In the new paradigm –

“Digital evangelist is a must for delivering the best customer experience”

• Consistent Brand Voice and Tone – a holistic strategy is needed, when kicking off an enterprise initiative across all customer touch points (sales, marketing, social, content, community, customer service, shopping cart, etc.). Investments can be phased, but not customer experience. Define how customers are to interact with the brand and engage with customer management platforms, keeping in mind that –

“Customers expect seamless and consistent brand engagement”

• Operational Capabilities – here is also a need to assess in-house competencies and explore outside technologies to complement these. The digital owner needs to ensure there is persistent org support to facilitate project prioritization. Organizations need to understand that –

“A great customer experience delivers long-term value, while a bad one shows up on churn numbers.”

• Analytics and Data Management – makes sense to plan out a transition to consolidated data storage and processing, given the multiple online and offline data that will be flowing through. Test & learn & edit should be part of the ongoing strategy to deliver a consistent customer engagement and lead-gen program. And, if your organization utilizes eCommerce, then the funnel conversions adds a whole new dimension of complexity and urgency for digital excellence. The abundance of data needs to be harnessed and utilized to deliver excellence.  

“Most of the ROI is realized at this stage of digital transformation life-cycle.” 

• Personnel and Team Needs – hire or contract, but don’t underestimate the need for sustained management, analysis and improvements. This is not a “project delivered” category, but a “persistent nurturing” category of projects – digital enables consistent monitoring and course-correction, which cannot be achieved through one-off matrix resource. Have a team dedicated to digital management and knowledge-sharing, which has the potential for an organization-wide impact – don’t cut corners there. 

“Digital investments can help build smart and intelligent organizations” 

Remember that once the project has been undertaken, there is no turning back and/or haggling on key deliverables. The imperative to transform is now and a solid foundation is absolutely a must – this is the only way forward for catering to the next generation of digital savvy consumers, irrespective of the industry.

What did I (really) learn from matrix leadership!

True project management should not be just about task management, it should also include managing people and their expectations. In my experience, the latter seems to be somewhat nebulous, as project managers are not able or empowered to take people management in a matrix to the next level – probably because in a matrix team, individual reporting relationship preclude such dynamic. This gap is what I wanted to explore more and share some thoughts on; as I think the following do not get enough coverage -- 

First, senior management, across business entities, needs to constantly reinforce ONE project goal!

Second, team members need to be engaged towards the common goal!

Sort of obvious, but worth reminding – senior leaders and project managers will hardly admit that there is a lack of consensus and/or individual needs are adequately addressed!

I have seen discussions in project meetings turn to arguments, confusions, delays, and (even) threats to completely abandon the project. Surely, there is more to it (I thought)! Why are people in the room speaking to themselves? Why is Operations trying to influence marketing and promotions strategy? Why is customer service perennially in a complaint mode, that they “didn’t know” about the product launch? Why is IT feeling unappreciated? Is sales and reporting even on the radar – no wonder these guys are in scrambling mode during the final launch phase? 

Such conflicts cause unnecessary delays in a project delivery and project managers need to acknowledge that, 

“these are the possible underlying currents that take up a lot of meeting time, as and when they surface!”

Based on several exploratory informal chats, I discovered that leadership and people management, more than the stated metrics were to blame. Here's what I found helpful in addressing the aforementioned underlying currents and have a smoother project meetings.

(A)  Senior leadership must align to the common goal and keep it that way! As the priorities change and the business urgencies dictate the short-term focus, leaders need to keep the team focused on the long-term vision. This will ensure that product, consumer experience, partnership integration, systems development, etc., are not short-changed, which will lead to a bigger problem with “fixes” and “customer complaints” in the future – not the scenario that should be overlooked. 

A former colleague once lamented that the leaders were not looking at strategic product road-map in trying to move up the launch date. The long-term costs are too immense for such short-sighted moves. Project managers need to sense that and address it before the matrix teams are forced to change course. 

(B)  Team members need to attach to the goal and be on-board! By this I mean, when customer service complains about adequate lead time to train their agents, they have not been brought-in on the launch early enough – can be easy to solve, I would say. Or, when IT is concerned about the timing of launch, there may be genuine hurdles to delivery, due to ongoing updates, releases, etc. – not that easy to solve, but a realistic launch estimate could help solve for the bottleneck. Marketing, before setting aggressive targets, should obtain a dose of reality in consultation with operations, sales, field, etc., teams. 

At the end of the day, it has to be understood that each participant has a deliverable that has to fit into their own goals/targets for the month/year. Timely participation and addressing individual concerns alleviates some of these surprise elements and in turn helps team members.

These did find some agreement among the leaders, peers and team members. In essence, the key to successful matrix management lies in proactive leadership and people management – 

“matrix leadership success is more about people management and less about numbers” 

Hoping these issues behind (a seemingly) dysfunctional team get highlighted and managers and leaders emphasize people aspects as they steer the program through to completion – in time and within budgets!