Over the past few months, I have been thinking about the appropriate split of resources (money, time, etc) that should be given to the different parts of an analytics strategy. I organize came up with 3 broad categories: Tools, Analysis & Action.
Tools are what you used to generate reports, Analysis is the process of interpreting data and Action are the experiments or changes that you end up implementing. From my experience with past clients (successful and failed projects), an appropriate split should look roughly like this:
Instead, we tend to see companies focus most of their time on Tools and then the remainder on Analysis. The last category (Action) doesn’t get nearly enough time to see meaningful results.
I’ll admit that these numbers are somewhat random but the underlying lesson is to be mindful of how you’re spending your resources when it comes to your data. At the end of the day, you want to be seeing tangible improvements in your product or business. If you aren’t seeing that, your split might too heavy towards one of these categories.
Actions for This Week:
In the past, what has been the split of resources across these 3 broad categories? Where did you spend too much time? Where did you spend too little time? More importantly, why do you think this happened? Email me with your answers and thoughts.
Interesting Articles & Resources