Extracting value from data to drive intelligent business decisions means more than having access to data, investing in analytic software, and hiring a few data analysts or data scientists. Sustained success requires a complete cultural shift within a business to institutionalize analytics-based decision management.
Elder Research has found that having an “analytics culture” is one of the strongest indicators of future analytics success and developing an analytics strategy is an active process that plays a key role in building an effective, data-driven culture. Rather than focusing on the vague potential of off-the-shelf data solutions, developing a successful analytics strategy requires assessing your unique business challenges, matching those challenges with relevant data and resources, and establishing processes that grow your capabilities.
Developing an analytics strategy is a complex process that yields many surprising, company-wide benefits. There are many levels of analytics and modeling technologies and it is important to apply the approaches that are best for the analytic question and challenge an organization is facing. We create analytics strategies that are customized to an organization's unique business challenges, available skills, data infrastructure, and analytics maturity based on the following elements:
- Vision & Mission
- Concept of Operations
- Business Model
- Performance and Return on Investment
- Model Development Process
- Project Intake Process
- Organizational Structures
- Roles & Responsibilities and Oversight
- Program Workflow
- Communication, Marketing and Training
- Key Short and Long Term Goals
The following consulting services can help our customers develop different parts of their analytic strategy.
Data Discovery Consulting
An assessment of the viability of your current data assets. Rather than waiting on perfect data, we start with what you have, align it with your business challenges, and build on it as we go.
The Analytics Survey provides an efficient, broad, and independent overview of your organization’s analytics landscape. We help you understand a high-level view of your analytic readiness, to guide your data-driven strategies and investments that will deliver actionable insight from your data. We survey an organization along three dimensions of analytics readiness:
- Analytics Tools and Practices
- Data Flow and Systems
- Employee and Organizational Capabilities
With over 20 years of experience in predictive analytics and data science, Elder Research has the cross-industry expertise to deliver a high-level, topographical review of your analytics culture, capacity, and practice. Our Analytics Survey consists of a preliminary questionnaire, one day of on-site meetings, and a report on your analytics readiness with summary recommendations on how to build your internal analytics capabilities.
If you are interested in discussing the benefits of an Analytics Survey for your business, please request a consultation.
Analytics Assessment & Roadmap Consulting
An appraisal of your organization’s current analytical maturity—how your organization currently applies analytics and where the role of data could be expanded to deliver more insight and value.
During the assessment, we develop a roadmap. This analytics roadmap ranks each opportunity along three dimensions: Cost, Return on Investment, and Actionability to help identify low-cost, high-return actions to help build analytic momentum.
The goals of the assessment are:
- Determine the analytic readiness and maturity of the organization as a whole and the Analytics
- Focus on the convergence of data, technology, and people needed for success with predictive
- Provide a roadmap with actionable advice for improving the value of analytics within an organization.
Learn more about our analytics assessment and roadmap consulting service.
Tools Assessment Consulting
An analysis of your organization’s current analytics software and data tools. We determine if these tools are able to address the problem you are trying to solve, and provide vendor-neutral recommendations for new tools or data sets to execute the analytics strategy.
Due to the comprehensive nature of analytics strategies, this process often precipitates ground-breaking discussions and directional changes for the entire organization. Businesses and agencies that partner with Elder Research to craft and execute an analytics strategy embrace this challenging transition. Our goal is to maximize the value and effectiveness of your organization by empowering you to uncover transformative insights and realize impressive long-term return on investment.