Some people would ask, as a data scientist are you upset that the data actually failed you. Not really. Because I know in data science gaining insights from data is a combination of what the data tells you as well as a business person’s intuition and experience. It is a failure to rely too heavily on one or the other. You need to question everything. The data as well as our cognitive biases.
Measurement
What does your data do for you? Does it have a real impact?
If we want to see your data impact trends, then we need to look at metrics rather than just tracking data. The thing is that we have to track the data to produce the metrics. But it’s seeing the trends in metrics that really drives business outcomes and behavioural change .
Charting an end-to-end revenue cycle
When we chart intermediate conversion steps through the end to end revenue cycle, we can see trends that help us with improving the overall sales process. Regardless of stage or team that is interacting with the prospect.
Do you track Customer Lifetime Value? What do you do with the info?
Customer Lifetime Value helps us understand a typical customer journey. Watching trends, or deviations from trend, can highlight points in time to improve engagement. Improving the value we both give and gain.
Be careful what you measure….
Using a data-driven approach is key to achieving our business objectives. We just need to take the time to make sure we understand our goals and what metrics can help drive them. There are plenty of real world examples where the objectives haven’t been achieved while side effect outcomes are experienced. So we have to make sure our data-driven approach is robust. It will help us to move in the right direction.