Analytics Maturity: The Roadmap to Transforming Your Business

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5 MIN READ.

Digital businesses, similar to traditional ones, need to navigate through changes and operate through hard times. Here too, the major challenges stem from the social changes that happen across the globe. Today, a brand is required to navigate through all those waters and strike a chord with their audience. The digital landscape requires brands to stay on their feet, and thus marketers are encouraged to embrace new challenges. Knowing well that failure to do so could prevent their clients from evolving and keeping the pace.

Analytics Maturity

Businesses are evolving not just in terms of existence but in terms of structure and workflow as well. They are so caught up with the daily responsibilities that they end up overlooking the analytical side until it’s too late. As a brand, if you don’t have time and purely want to focus on the product and operation part, feel free to hire a team of analytics experts.

The SmartMetrics analytics team will help you maximize your ROI. We can devise a stepwise plan for your organization in conjunction with your marketing efforts. Not only will we handle your online presence, but we will also provide you with in-depth insights. The numbers, along with user behavior, will help you transform your digital presence.

This marketing approach is what you need to internalize with your organization. Like tracking campaigns for productivity, output, and profit, you need to assess your teams as well.

When you want results, your entire team needs to work smart, not just yourself. If you can’t dedicate time, hire someone capable of doing it on your behalf. As a business, you need to understand analytics and apply it at every level.

Analytics and its role in transforming your brand

Analytics is at the heart of marketing and organizational strategies, thanks to the age of data. As a brand, you need to rely on data to make informed decisions. Data helps you understand what works and what doesn’t. Thereby allowing you to steer and embrace new technologies and ideas without any fear.

Unlike traditional businesses, which are largely based on interpersonal relationships, many digital interactions happen with little to no in-person interaction. Nonetheless, this doesn’t mean you don’t have an active plan. As an organization, you need to know your strengths and weaknesses. Once you’ve identified them, work towards improving those areas.

By getting a capable partner on board, you can create both long and short term goals in regards to Analytics. That will allow you to create a roadmap to success. Know that you’re in a marathon and not a sprint, and you’ve to be patient with the process.

Establish a data-centric culture

It’s difficult to start, let alone transform something. However, if you don’t take a step, you’re standing still. So, get started and begin by establishing a data-based culture. The success of any brand requires a team effort and the complete support of everyone involved. Get your executives on board first. Since they are critical for driving institutional changes, this step’s success or failure depends on how ably you convinced them.

Devising the right framework

You need to have a strong sense of understanding in regards to steering your company. You need a proper framework in place that works in conjunction with your analytical goals. When you have a step-wise Analytics Maturity plan, you’re most likely to succeed. Your plan should include the following points:

  • Quality Assessment
  • Benchmark Setting
  • Strategic Roadmaps
  • Thorough Action Plan

When you follow these steps, you’re likely to benefit as it’ll help understand your organization’s analytics capabilities, structure, vision alignment, internal synergy, and overall support.

These steps will help build an effective data-driven organization that emphasizes adapting, optimizing, and internalizing changes.

Analytics maturity: A graphical framework

As an organization, its’ important to know your destination before you embark on a journey. You’ll start from the baseline, and as you progress, the picture will start to get clear. You’ll learn about areas in which you excel and areas that need improvement.

The Analytics Maturity Assessment model is not something new. Organizations have been using it under different names to focus and improve their processes, resources, and overall technology usage. At SmartMetrics, we, too, have our own Analytics Maturity Assessment model, which, though narrow, helps us effectively measure any analytics program’s maturity.

Once we identify the pain points, we devise strategies to help brands improve their capabilities. You can make use of the following model and detect the problem you’re currently facing. Our model is based on Blast’s approach and has five steps:

  1. Laggard – Needs to measure and report
  2. Follower – Needs to discover and operationalize
  3. Competitor – Needs to predict
  4. Leader – Needs to optimize and improvise
  5. Innovator – Needs to innovate and lead the path.

stages of analytics maturity

This particular model put forth by Blast Analytics helps address six key processes that are pivotal in the successful functioning of your business. These include ‘Strategy’, ‘Governance’, ‘Data Management’, ‘Insights’, ‘Evolution’, and ‘Resources’. Each department has its perspective towards maturity and challenges. Using this framework, your job is to get an unbiased and competitive view of where your organization stands.

image representing creating an analytics roadmap

Creating Your Roadmap

A roadmap should have a long-term goal with a step-wise plan towards achieving that goal. Short milestones can be helpful and can help learn about gaps at every stage. Not just the internal team but stakeholders need to work cohesively with your vision and priorities. This is essential towards creating an effective roadmap, including the following factors: ‘Business owners and resources’, ‘Platforms and technologies’, ‘Governance and data’, ‘Desired business outcomes’.

Create an Action Plan

Once everyone is on the same wavelength, it’s time for action. Creating a quarterly Action Plan will help analyze the workflow. It’ll help accentuate the positives and eliminate the negatives. With the help of analytics and insights, each quarter will help you get a clear view of what you’ve achieved and how far or close you are from your organizational goal.

An action plan, as opposed to a roadmap, need not be static. We know that businesses face various challenges daily, and priorities are going to shift accordingly. And thus, your plan needs to be a living document that showcases the real picture.

Here’s an example of an Action Plan:

Analytics Maturity, Analytics Maturity: The Roadmap to Transforming Your Business

Conclusion

It’s not easy to set up analytical maturity in any organization. However, you can’t run away if you want to track your organization’s progress. Follow the steps mentioned above, or set up your own Analytics Assessment models to better understand the workflow. Understanding Analytics in marketing and other departments will catapult your brand towards success.




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