Your focus should be business value. Can you close your eyes for 5 secs and think about data analysis. What comes to your mind? Most likely, it will be a dashboard or Power BI or Excel or Python, etc.. When you think of Data Analysis, Business Value should be the first thing.
Like keep asking yourself, how does this translate to business value. It doesn’t have to be so transformative but is it delivering value? Can you map it to value recognizable by the organization? Sometimes, you are the one to help the organization see the value, so if you don’t know how to identify value, how will help them? How do you Identify Business Value?
I know that should be the questions on your mind right now. Hey, don’t forget, this isn’t another course. This is the mentorship session you have been asking for.
Businesses Generally perceive value in three dimensions
a. Increasing Revenue: how will this solution increase revenue or contribute to the efforts in that direction. You should be able to identify and quantify this if possible. e.g. our customer complaint analysis is helping us to be proactive with feedback management and customers are getting more satisfied hence we have lesser attritions and increased revenue since the deployment. We have also seen a higher Net Promoters Score from the customer since we have deployed the dashboards.
b. Reducing Cost: Similar to the above, how can you link your solution to cost reduction effort in the organization. e.g. the customer segmentation analysis helped us identify different categories of customers including those that are hibernating or about to lose. We have been able to get them active through targeted ads, this has saved us N12million naira on acquisition cost.
c. Optimized Processes: In what way is my project optimizing the company’s processes. e.g. our performance reporting now takes less than 30 minutes to generate from an average of 3-5 days. This has saved 30 hours of work per month and also lead to a significant change in time-to-report across the organization as reports are now readily available on the dashboard/report. I don’t care what tools or skills you will be applying to your projects, what matters here is Business Value.
You can think of several other examples. When You think of Data Analysis or Business Intelligence Analysis, the goal should remain, how is their work adding value to the business.