Eric King, President & FounderWhile organizations possess the ability to derive useful patterns and insights from the data they collect, many analytics projects still tend to fail, due to a lack of strategic orientation. Business leaders need to adopt analytics as a value-driven operation to arrive at results that are purposeful, actionable, understandable, impactful, and residual. Along with the demand for expert data scientists and analytics professionals, there also exists a need for analytics leaders and “translators” who can act as a bridge between data scientists, IT, subject matter experts and executive management.
“Organizations only experience meagre increases in revenue due to a purely tactical view of analytics, whereas a goal-focused strategic implementation can draw valuable information hidden within existing data and produce truly stunning improvements in operational efficiency and the bottom-line,” says Eric King, president and founder of The Modeling Agency, LLC (TMA), an analytics enablement company. TMA provides training, leadership, and analytics service products to organizations that are “data-rich, yet information-poor,” focusing on enabling enterprises to establish and maintain their own thriving predictive modeling practice. To enable organizations to maneuver data analytics at the operational level, TMA has formalized a “modeling practice framework” that manages the entire analytics implementation process. “We apply a strategy comprising of superior project designs, then oversee the implementation with the right roles involved in the analytics team to achieve the desired results—ensuring clients are self-sufficient in running a high performance analytic modeling factory,” states King.
For complete enablement, TMA provides oversight to organizations with value-focused implementation and helps coordinate their teams, addresses the leadership mindset and culture of the organization, and empowers data scientists to be more effective at tying results to organizational priorities. Thus, organizations arrive at results that are impactful and clearly understood by leadership. By taking a strategic implementation approach, TMA analyzes the resources, objectives, work culture, and team roles of an organization to assess the analytics capabilities and determine suitable process road mapping.
By identifying lowest risk, highest impact valid opportunities that matter to the organization, we formulate analytics projects that produce stunning returns
“By identifying the lowest risk, highest impact opportunities that make a difference, we formulate valid projects that produce impressive returns on projects that matter,” remarks King. TMA helped a large mail order company with its analytics objective to define customer groups based on value and complexity of service. The project involved enhanced assignment of customers to various service levels and selection for catalog campaigns, which resulted in a 40 percent reduction in mailing costs and boosted sales by 7 percent, leading to a 2,500 percent return on investment.
TMA is introducing its latest offering, THE ANALYTICS CLINICTM, a live online show where a highly seasoned analytic clinician tests approaches to emerging analytics topics. “A panel of experts then translate the winning tactical experiments performed in the clinic into organizational adoption and transformation strategies,” states King. TMA will also launch “The Analytics Leaders Roundtable” to allow leaders to discuss challenges, organizational work culture, setting realistic expectations and the team dynamics of leading/ building/running an analytics operation. The Analytics Leaders Roundtable will allow organizations to break down silos between various departments and enable a high level of coordination to utilize common resources analytic process standardization. TMA’s goal is to guide its clients to establish an internal analytics capability, compete as a data-driven organization, and accelerate overall digital transformation. “Our training focuses on enablement, to allow clients to create their own internal analytics factory and run it efficiently and effectively,” concludes King.