Starting a data-driven transformation can seem overwhelming. But it shouldn't.
In this article, we explore the five most common hurdles to a successful project and why they shouldn’t stand in your way.
Don't let these 5 obstacles delay your data-driven transformation
1. No time or resource
Resource is never the real issue in a data-driven transformation. Priority is.
We know time is limited. But the great news is you get to decide what you do with it.
A small shift in where you invest your time can result in massive time savings overall. Do you want to continue doing what you’ve always done, or invest in a digital transformation to move your business forward? Validate where you’re spending your time and whether it’s in the most valuable areas.
A carefully constructed data project aims to tackle this by discovering the inefficiencies in your current processes and implementing a strategy to optimise them (if not automating them entirely). This will free up valuable resources to work on other projects.
Don’t let poor resource planning be the limiting factor in your data-driven transformation. Refine the requirements and make resource optimisation your goal. That way, with just a small investment, you can realise returns quickly.
2. There's too much to do
Starting any large-scale data project can seem daunting. The sheer volume of data (from many different sources) makes it seem inconceivable that you'd ever be able to derive any real value. But you'd be surprised at just how quickly and inexpensively you can achieve this with the right data visualisation tools and analytics expertise. And as the classic adage goes “there's no time like the present”.
Data isn’t going away any time soon. It's rapidly increasing and the insight available is already the lifeblood of many successful modern businesses.
Rome wasn’t built in a day. Start small, start now, and evolve with time. Doing nothing is putting you at a competitive disadvantage. Once you begin to see what’s possible, you'll wonder why you didn’t do it sooner.
3. No in-house expertise/external support is too expensive
It’s not uncommon that, when you first set out to tackle an issue like becoming data-driven, you won’t have all of the expertise internally. Data science, business intelligence, and all similar sub-disciplines of analytics are arts or sciences in themselves. You can’t be expected to know everything, and building a team takes time. It's also complicated and costly.
Using external support offers an easy way to access the broad spectrum of expertise you need, without the cost of recruiting and employing multiple people. It also gives you a much quicker route to insight.
If you have a clear strategy, are specific about your requirements, and what the business value will be, you’ll realise a return on your investment quickly and unlock your business potential from data-driven insight.
4. We don't know how it will add value
In our experience, this is one of the biggest obstacles to starting a data project. All digital transformations need a little faith to get started.
Once you enter the data discovery phase and get under the skin of the business and its process, you can quickly determine the size of the prize. And this often far outweighs the initial investment.
“Knowledge is power”. Simply knowing more about your business will enable you and your team to make informed strategic decisions. This allows you to drive competitive advantage, maximise profits, and reduce costs.
There's no one-size-fits-all, cookie-cutter approach to this. The reality is that the requirements will be specific to your business and only support or enhance whatever it is that you’re already doing. The trick is to understand how to use data to ensure you generate the most business value.
This is where experience and expertise come in.
5. Our data or systems aren't ready
Technology and tools are always changing, so you might find yourself waiting forever for the “perfect” time to start your project. But if you’re implementing a new system in your business, you have a tremendous opportunity to take advantage.
Having a clear data strategy at the start allows you to design and develop a system that delivers everything you need to tackle your key business challenges. It also saves on enormous potential redesign costs further down the line.
Regardless of your current situation, now is always the right time to start your data-driven journey. If you haven’t built a robust strategy on how data can add value to your business, you run the risk of being left behind.
Strike while the iron's hot
To recap, these are the 5 main reasons businesses delay their data-driven transformations:
- No time or resource. Reprioritise and refocus so that optimising resources is the improvement that you’re trying to make.
- Too much to do. Data is only increasing in volume and any associated goals are only getting more complicated. Start small and build.
- Lack of expertise. Don’t hesitate when looking at external support. With the right requirements agreed ahead of time, your ROI will speak for itself.
- We don’t know how it will add value. Don’t over-complicate things. Take your existing challenges and find a new approach to tackling them.
- Data or systems aren’t ready. New implementations are a perfect chance to embed new processes.
If you wait for the perfect time to start, it'll be too late. With a small shift in mindset around these common objections, you'll begin to see that your business is in the perfect place to embark on your data-driven journey.
Not only will it deliver a return on your investment from a financial perspective, but once you start accessing regular, automated, and meaningful business insights, you'll begin to thrive as a modern business.
