CIOReview | | 19 FEBRUARY 2023ESTABLISHING A DATA ANALYTICS STARTUP IN YOUR ORGANIZATION By Richard (Rick) Hartline,Vice President IT, PLS Financial ServicesWhy Data AnalyticsIt is said that data is the digital oil of our age. We all hoard it because we intuitively know it's valuable. However, data without refinement is only a cost to the business. Data analytics is the refinement of your data assets in a way that drives measurable business value. I advise you to implement a low-cost, minimal-risk project as a technique to prove the viability and business value of data analytics in a budget-constrained environment.Determining Impactful ProjectsI like to identify projects that have the following characteristics:· Directly linked to executive goals· Business perception of high value· Easily identifiable· A lower level of effort and complexity Your early projects should match this checklist. Envision that at your project's completion, you will be able to point to the P&L and describe how your project created or at least directly affected one or more line items. Example goals: · Enablement of growth in customers, revenue, EBITA, or transactions · Costs savingsExample projects:· Understanding your transaction and customer trends, customer lifetime value· Automation of existing analysis being provided by a vendor or performed manually· Staffing analysis and forecastingI've never met a CEO that didn't have growing the business within their top 3 goals for the organization. All organizations have pain points and obstacles to reaching their goals. As a business and technology executive, you are uniquely positioned with the knowledge of how to leverage your data assets to realize these goals.CXO INSIGHTSRichard Hartline
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