While big data analytics continue to become more mainstream; many businesses struggle to see how they can apply advanced analytics to their own business models and achieve a sustainable and worthwhile ROI. To help you set your game plan, Pitney Bowes recommends the following best practices for strategic planning around your data and spending:
Demonstrate the business value of every data project or exercise to senior executives.
Focus spending on staffing with advanced analytics and reporting skills.
Think about whether centralizing data, data management and/or data analytics will help deliver business value.
Create and nurture the discipline of repeating like data analytics exercises, over time, to measure changes in business results and client or consumer behavior, over time.
Data and analytics are nothing to fear, hone them, make them work harder for you! Bring in that ROI you have always been hoping for. There is no time better than right now to try something new. Add these 4 steps to your game plan and see where they can take you.