Starting small to achieve big results
This article was based on the interview with Kunal Mangal of Verizon Busines by Greg Kihlström, MarTech consultant for the B2B Agility with Greg Kihlström podcast. Listen to the original episode here:
“Start small, prove value quickly” is a mantra that many successful businesses are adopting in today’s data-driven world. This approach emphasizes the importance of taking incremental steps towards implementing data-driven solutions, rather than diving headfirst into large, complex projects.
By starting small, businesses can focus on solving specific, manageable problems using data-driven approaches, and quickly demonstrate the value of their efforts.
One key benefit of starting small is the ability to show concrete evidence of success to stakeholders. Executives and decision-makers may not be experts in machine learning or data science, so they rely on tangible results to build confidence in data-driven initiatives. By tackling small, specific problems with data-driven solutions, businesses can provide clear evidence of the impact of their efforts, gaining buy-in and support from key stakeholders.
Mitigating risks while managing expectations
Additionally, starting small allows businesses to mitigate risks and manage expectations. When embarking on large, complex projects, there is a higher likelihood of cost overruns, delays, and unforeseen challenges. By starting small, businesses can minimize these risks and gradually scale their data-driven initiatives as they prove their value and effectiveness.
Moreover, starting small enables businesses to iterate and improve their data-driven solutions over time. By focusing on solving one specific problem at a time, businesses can gather feedback, analyze results, and make adjustments to optimize their strategies. This iterative approach allows businesses to continuously improve their data-driven decision-making processes and drive meaningful results.
The “start small, prove value quickly” approach is a strategic and effective way for businesses to leverage data-driven decision-making to drive success. By focusing on solving specific, manageable problems, demonstrating tangible results, and iterating on their solutions, businesses can harness the power of data to optimize their strategies, enhance customer experiences, and stay ahead of the competition in today’s fast-paced business environment.
Start with specific goals
It is important to start with specific goals when it comes to becoming more data-driven in a smaller organization. The speaker suggests that organizations should focus on identifying a specific problem or goal that they want to solve using analytics. This approach helps in creating a clear vision of what success looks like once the problem is solved.
One key aspect highlighted in the transcript is the importance of obtaining executive approval and buy-in for data-driven initiatives. Executives may not be experts in data analytics, so presenting a concrete value proposition and evidence of the potential benefits of the project is crucial. It is advised not to try to transform the entire organization into a data-driven machine overnight, but rather to start with smaller, solvable problems.
Driven by data
Creating a data-driven culture within the organization is also emphasized in the transcript. This involves encouraging collaboration and challenging intuition with data-driven conclusions. It is important to show evidence of the value of data-driven insights to gain the trust and buy-in of employees.
Furthermore, the transcript stresses the need to productionalize AI and data-driven insights. It is not enough to have a team of data scientists generating models; the insights need to be embedded into operational processes to be truly effective. This ensures that the results of data analysis are integrated into everyday decision-making and actions within the organization.
Starting with specific goals is essential for organizations looking to become more data-driven. By focusing on concrete problems, gaining executive buy-in, creating a data-driven culture, and productionalizing insights, organizations can effectively leverage data to drive success and stay ahead in today’s competitive business landscape.
