The promises of analytics are many: business insights, competitive advantage, increased profits, and more. In some cases it may even seem like the opportunities delivered by analytics are nearly endless. So how could one possibly fail with analytics?
Sadly, as Meta S. Brown points out by titling her recent piece in Forbes, “86% of Executives Can’t Make Analytics Pay. Here’s How You Can,” many initiatives never break even. Meta sees the difference between successful projects and unsuccessful project as coming down to planning and execution (read her full piece to understand why).
We’ve found there are five common pitfalls that can delay, kill, or otherwise cause analytics projects to fail. Every situation is unique, but understanding these traps can help you avoid them, thus, increasing the odds of your analytics project becoming a success.
Here are the five potential pitfalls of analytics projects:
- Not understanding why you want analytics
- Not planning for measurement and metrics before you begin
- Not having a goal for your analytics project
- Not having your analytics team work with your business users
- Not understanding the critical need for speed to insight
We’ve created a whitepaper to address how to avoid these five potential pitfalls. Download it here.