So, you and your parents have just invested a significant amount of money for your college education. As a freshman, what can you do to make sure you get your money’s worth? How will you assure a return on your investment (ROI)? Related:6 Reasons Internships Are A Must In College Well, here is a very important fact about college and ROI. Attending class, establishing a strong GPA, and completing a major will get you a degree but NOT a job. Your degree alone will not educate you on how to transition from a student to a professional. Your degree alone will not educate you on how to build your network, establish your professional brand, and obtain and keep a job. The career development services office is where you will receive this education and, this is a process that takes as many semesters to complete as your degree. Failing to prioritize your career development will put you way behind in education and strategy crucial to landing a job at graduation.
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In this article, we are going to review the elements of a good analytics planning framework and how analytics planning is part of data product ownership in the data mesh.
What Is Analytics Planning?Bigstock
As part of any CDO or CDAO role, there is both data and analytics governance and a process for ensuring that analytics and insights are generated from the right data to solve a variety of business problems.
To make sure that data products (i.e., dashboards, insights, commercialized analyses, etc.) in the data mesh are fit for purpose, the business and analytics problem framing must occur to have workable high-impact solutions.
Analytics planning and next-generation analytics are helpful to a variety of stakeholders—chief data analytics officers, chief data scientists, heads of marketing analytics, and heads of digital analytics.
Many times, data analytics is a center of excellence, and therefore is vital for the professionals in the COE to have a seat at the table whether that is with a data product owner, a tribe lead, or a business person. This linkage and relationship are vital, not only from a relationship management standpoint but to enable the right data mesh design by helping to identify the right analytics and data products. The goal is to get the data needed to improve business decision-making and monetization.
What Type Of Meeting Or Committee Does Analytics Planning Require?
Analytics liaisons and data stewards from the COE should meet with data product owners and business people in what I call data analytics governance meetings where the types of analytics and data products are discussed. This is a “seat at the table” meeting among business partners to discuss the appropriate types of proactive analytics that would drive problem solutions and business impact.
Data analytics topics to be discussed include:
- Data requirements
- Descriptive analytics
- Predictive and prescriptive analytics
- Data products and monetization tactics
These leadership meetings should occur at least quarterly. Monthly (or more frequent) reviews should occur at the project team level. Typically, data analytics functions can have hundreds or thousands of projects depending on the number of business partners.
What Is The Business Purpose Of These Planning Meetings?Bigstock
For analytics or data products to be fit for purpose, you will want to review the partner's business strategy as well as any P&L drivers where analytics might have an impact:
- Frame the business problems and opportunities.
- Determine if the data mesh/data fabric can support these efforts.
- Then decide what the deliverables/solutions are and the path to deploy. Don’t lead with models, analyses, or research outputs. Ensure that if you build a solution there is a commitment from the client to deploy it with an understanding of the potential business benefit.
Data analytics governance creates a prioritization process.
The prioritization process could include business ROIs, GCOs (good customer outcomes), or other metrics to determine what gets worked on first. Are these projects high priority, medium, low, strategic, or even non-negotiable? (Non-negotiable might mean compliance projects which means the data analytics team must carve out bandwidth to create new data pilots/new analytics pilots. Pilots could include identification of new segments or new scoring systems based on transaction data and more.)
Data Analytics Planning — It All Goes Back To Business Problem Framing.Bigstock
What is the number one reason analytics fail? We hopefully all know this, but it is worth mentioning again: the number one reason analytics fail is due to a failure to frame the business problem correctly.
What type of problems may clients mention to the data analytics team during the quarterly check-ins?
- How are we improving against customer expectations?
- Are we connecting with prospective customers?
- How do we qualify sales leads for better cross-sell/upsell?
Analytics Problem Framing: Choosing The Type Of Analytics Method To Solve The Problem.Bigstock
Let’s review the categories of analytics that may be part of the discussion during the analytics planning meeting with the business and product owners.
- Metrics and measurement. How does the business person or product owner run their business line? That which is measured is actioned.
- Setting KPIs becomes a focal point for understanding key drivers of any problem and provides the jump-off point for additional analytics.
- KPIs and metrics are considered more of a BAU type of analytics and answer questions such as:
- How many customers do we have in which segments?
- How many and what channels are they using?
- Describing and profiling: often helps define customer behaviors.
- Which customers are profitable? Helps understand the 80/20 rule.
- What prospects are similar to our customers? Look-alike profiles, etc.
- What is the financial situation of our customers—are they wealthy, what life stage are they in, etc.?
- Knowledge discovery: surface unknown patterns which customers have. For example, if you're in a bank, are certain checking customers diminishing their balances which may mean they're taking their money out and potentially putting it elsewhere? Intervention strategies can be designed from this type of knowledge discovery.
- Segmentation and clustering: grouping customers by homogenous groups, for example, based on their value, life stage, potential, etc.
- Algorithms and prediction. Many data science and statistical methods can help to predict the customer's responsiveness, next best action, right channel to engage, risk level, and more.
So that's a little bit about how to match the business problem to the type of analytics. The next step would be for the analytics leader or analytics liaison to work with the data product owner or business lead to provide an endorsed quarterly data analytics plan which would also identify data needs in order to perform the agreed-upon analytics.
What are the elements of the analytics plan?
- A list of prioritized BAU initiatives that have been agreed upon from the meeting with the product owners along with business goals and projected returns generated from insights.
- Agreement on the type of analytics deliverables and the path to deploy. For example, will this model be scored on an ongoing basis to provide targeted leads to salespeople? If the business person or the product owner declines to leverage learnings, then these analytics should be prioritized as low or even canceled.
- Agreement to proactively serve up new analytics. Some level of innovative pilots should be part of any analytics planning framework. This approach takes the data analytics team out of defensive mode and puts them in an offensive, proactive, and prescriptive position.
- Analytics planning includes an agreement to do an ongoing blueprint and roadmap for analytics which includes an assessment of the maturity level of the firm’s data analytics. Unfortunately, many of the maturity models that exist only focus on data governance and don’t connect the dots between data maturity and data analytics maturity. A data analytics maturity assessment and blueprint must include looking at the level of next-generation analytics that the firm is developing and testing including RPA, generative AI, machine learning, and more. One view in the plan should assess the level of defensive data analytics the team is involved in versus offensive analytics. (Get in contact with me if you need more information about this maturity model.)
Given the data mesh puts a higher degree of quantitative skills on business partners, it is imperative for all stakeholders to have a better understanding of data, analytic methodologies, and execution. Training and knowledge maturity is critical.
I hope this post helps fill in some of the planning gaps in the data mesh concept and shows how analytics planning can inform what the data product owners can work on and how an ongoing engagement and governance model can be established to benefit both the analytics team as well as the business as a whole.
What has your experience been with data analytics planning in the data mesh? We look forward to hearing your thoughts.
The COVID-19 crisis has sent the economy into a recession and impacted numerous careers. Although people are naturally on edge right now, it's important to know that while searching for a job during a recession isn't easy, it's not impossible.
As a result of the COVID-19 crisis, millions of people quit their jobs or were laid off by their employers, and many are still struggling to find a job. There are record levels of competition for open positions. If you want to stand out to employers, you need to be prepared for the job search process.
Here are four common myths about the job search process during a recession, and what you should do to land a job in hard times.
Myth #1: No One Hires During A Recession
Businesses are always hiring!
There are some businesses that are greatly impacted by recessions that will reduce staff and implement hiring freezes, and others that will slow their hiring, but in general there's always some need to hire people as a result of vacancies and retirements. In addition, there are some industries that continue to do well in a recession.
However, while businesses are still hiring during a recession, the job competition will be greater and you'll need to work harder to market yourself as an employee worth hiring. There are multiple ways you can make yourself a better candidate. This includes finding ways to upskill, networking, improving your resume, and writing a disruptive cover letter.
Myth #2: No One Will Hire You After Getting Laid Off
Layoffs are a fact of life and businesses realize that.
But from a competition standpoint being laid off puts you at an initial disadvantage. Layoffs are common during a recession. This increases competition because of the number of people in the job market in need of work.
If you're laid off, you have to work even harder to market yourself to potential employees. But at the same time, you don't want to come across as too desperate. Like with any job search, do your research and leverage your professional network whenever you can.
You may also want to consider which industries are still hiring during the recession and taking a job in one of those industries to hold you over. There's no shame in working outside of your desired industry. There may even be benefits to it.
Given the circumstances of COVID-19 and the recession, future employers will understand the career detour.
Myth #3: If You're Over 50, You Won't Get HiredBigstock
Age discrimination is a topic that comes up from time to time but in reality it's actually called experience discrimination.
People over the age of 50 are staying in the workforce a lot longer but have to compete with millennials and Gen Z that make up more than half of the workforce. These younger generations are highly skilled, tech savvy, and a lot cheaper to employ.
This means that anyone over 50 looking to get hired needs to work even harder to get noticed. You need to clearly understand and sell what it is that you do well (your specialty). You also need to invest in yourself and be willing to upskill whenever you can.
Myth #4: You'll Have To Take Less MoneyBigstock
Finding a job during a recession doesn't mean an automatic pay cut!
Recession or not, you should prepare for a typical salary negotiation process. Do your research and have an idea of the competitive rate for the position you're pursuing.
If you've settled on a salary range, be ready to prove to the company why you would be worth the investment. You can do this by demonstrating why you'd be a valuable asset to the company and how your unique skills/experiences will make you the best fit for the role.
It always comes back to marketing yourself.
Recessions come and go and we will get through this one! Recession or not, one thing about the job search process remains true—you have to work hard and be your own best advocate.
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This article was originally published at an earlier date.