The buzz around data analytics has been steadily increasing as technological advances make it possible to track,store, and model more and more information, and as vendors pop up based around those services. What are the implications of this buzz for insight functions? How can we take advantage of new capabilities, but without drowning in data?
Conversations with members have raised challenges and lessons around organizing analytics resources – both in terms of organizational structure and incorporating it into research projects. A few of our interesting findings:
- Don’t forget the business acumen: Business acumen, quantitative skills, and technical skills are the key skills required in this team. Business acumen, in particular, stands out as an underappreciated skill within analytics groups.
- Consider “buying” specialized quant skills: A high degree of business acumen, coupled with competence in quantitative analysis and basic technical skills, makes a good analytics team member. Specialized quantitative skills can be “rented” from external vendors.
Learn more about organizing and staffing an analytics team.
- Don’t analyze in isolation: Although analytics can produce some value when done in isolation, combining it with other market research sources is more impactful. Alone, it lacks visibility into consumer psychology, limiting its use for consumer insight.
- Integrate people, not methods: Instead of trying to integrate the analytics methodology with other primary and secondary methodologies, integrate the people responsible for different methodologies.
Learn more about integrating analytics with other methodologies.