"The leadership uses analytics as a way to support their decisions. To me, that's not necessarily data-driven."In a corporation, it is important to build a culture which supports data-driven decision making. There are three main elements to creating this culture
- Hiring visionaries. It's important to hire fearless visionaries who are willing to change their play on a dime, depending upon the statistics. A great example of this is Zynga, which upgrades every game almost daily and is constantly adding new offerings based upon the statistics.
- Hiring the right skillsets. While it's tempting to hire an MBA to handle the business and a statistician to handle the statistics, the two may not interact well and plan well. It is often better to hire a data analyst.
- Accountability. Everything must be measured, and direction is key. For example, when skiing, the way to determine direction is to look in the direction you wish to go. Likewise with data-driven behavior, it's important to keep the goal in focus and continue towards that goal.
- Determine the business question. Only by examining this question can a business create goals.
- Lay out goals and plans.
- Access the data.
- Analyze the data. Here the technique is crucial. All data must be correctly analyzed. It is important to follow through, and not take shortcuts.
- Tie your incites to the impact.
Piyanka Jain, CEO, AryngPiyanka is the founder of Aryng, a well-regarded industry thought leader in analytics, speaking regularly at conferences and consistently being recognized as the “Best Speaker” at business conferences such as Predictive Analytics World, Integrated Business Planning and Business Performance Conference. With her 10+ years in analytics, she has 100M+ demonstrated impact on business. Her prior roles include the head of NA Business Analytics at PayPal and senior marketing analytics position with Adobe.
Daniel Waisberg is the Owner of Conversion Journey, a consultancy that provides insights on improving the performance of websites. He is also the founder & Editor of Online Behavior. He is a frequent speaker at industry conferences and member of the Advisory Council of the eMetrics Marketing Optimization Summit. You can follow him on Google+ or on Twitter @danielwaisberg.