80% of all data projects are currently failing. This means that organizations who successfully use their data are in possession of a major competitive advantage. This lecture will show you tried-and-true methods for setting data project goals, managing data teams, and how to quickly validate your data findings to reach quick wins.
This Lecture will:
-TEACH YOU TO SET REACHABLE DATA PROJECT GOALS
-EXPLAIN SUCCESSFUL DATA PROJECT ROAD-MAPPING
-OUTLINE EFFECTIVE DATA PROJECT MANAGEMENT
-SHOW YOU HOW TO TEST/ITERATE WITH YOUR DATA
You can watch this lecture here: https://youtu.be/VqMCK7Whyd4
Getting to Quick Wins with Data - Dawn of the Data Age Lecture Series
1. Dawn of the Data Age Lecture Series
Getting To Quick Wins with Data
2. Hi. Iâm Luciano Wheatley PesciâŠ
Founder & Director, Utah Community Research Group, Univ. of Utah
â Teach microeconomics, statistics, applied research & data analytics, & American economic history.
â Teach data science for Westminster and developed their 3-class MBA emphasis in data science.
Co-Founder and CEO, EMPERITAS
â A Services as a Subscription team of economists and data scientists delivering bi-weekly Customer
Lifetime Value intelligence so our clients can beat their competitors for the most profitable customers.
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3. Todayâs Lecture Outline
â Teach you how to set reachable data project goals.
â Explain successful data project road-mapping.
â Outline effective data project management methods.
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6. The Most Important Step
â Getting aligned on your goals for the data is
the most important step in any data project.
â If you donât know where you want to end up,
thereâs almost no chance of getting there.
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7. Bring The Tribe Together
â Host a kickoff meeting with all stakeholders.
â Use food as bait for participation.
â Ask what people want to know from the
data AND what theyâll do based on the data.
â Try using the S.M.A.R.T. method...
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8. S.M.A.R.T. Goals*
â SPECIFIC
â What do we need to learn from the data?
â MEASURABLE
â What data will we use to learn how to achieve our goal?
â ACHIEVABLE
â Whatâs a âwinâ for this goal?
â RELEVANT
â How will we use the data results to achieve our goal?
â TIMELY
â When is the data results need to inform the goal?
8*Source: www.mindtools.com/pages/article/smart-goals.htm
9. SPECIFIC: What To Learn
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â GOALS = What You Want To Learn From Your Data.
â Each goal should be a single, narrowly defined unknown
you want to learn about using data.
â For example, âwhatâs our customer lifetime value?â
10. MEASURABLE: What Data to Use
â Identify the data you have (or that you can get)
for use in reaching your goal.
â Often this involves multiple data sets.
â For example, âcustomer lifetime value will
require Salesforce and Quickbooks data.â
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11. ACHIEVABLE: Defining a âWinâ
â Clearly define the standard of success for each
goal, using the data youâve identified.
â The purpose of this step is to create accountability
against hard, prestated, expectations.
â For example, âknowing the average customer
lifetime value will be enough for us right now.â
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12. RELEVANT: Ensuring Usefulness
â Nothingâs gained by learning from data that
you canât act on.
â Define usefulness before any analysis begins.
â For example, âweâll use the average
customer lifetime value to change who
weâre marketing to across all channels.â
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13. TIMELY: Setting Deadlines
â Deadlines are key to successful data projects.
â They help avoid mission creep, and keep you from going
too far down the data analysis rabbit hole.
â For example, âto change our marketing targets
weâll need the average customer lifetime value
before October 1st 2017.â
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15. Responsibility Matters
â Each goal needs a Directly Responsible
Individual (DRI) assigned to it.
â âIf itâs everyoneâs job itâs no one's job.â
â This person may not work alone, but theyâre
ultimately responsible for success of the goal.
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16. Prioritization
â Once goals are listed (with data youâll use & what
youâll do with results) you need to prioritize your list.
â The basic tradeoff is speed vs depth of insight.
â Start with goals that have quickest wins or biggest impact.
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19. Planning Is Half The Battle
â SMART goals are so important because all of
the remaining project work depends on them.
â Once youâve assigned the prioritized goals to
a DRI, the next step is to map out the project.
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20. Whiteboards Are Your Friend
â Experiment with various brainstorming method,
just ensure your whole team participates.
â The 6-3-5 Method* is a popular approach.
â Visualize THEN Explain.
â Seriously, sketch it out then verbalize a short summary.
20*Source: en.wikipedia.org/wiki/6-3-5_Brainwriting
22. Sprints for 60 Days
â Create a 60-day timeline in 2-week sprints.
â Gantt charts are great for visualizing this.
â Each sprint needs to make progress.
â If it canât be done in 2 weeks, break it into pieces.
â âPerfect is the enemy of better.â
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23. A Fail-Resistant System
â With your prioritized goals and a roadmap, the
next step is to execute on your plan.
â Executing the project plan is 80% of the actual work.
â You Will Fail. Itâs a fact.
â The key is building a resilient project management
system that allows failures to be known & learned from.
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25. Transparency & Accountability
â For your data project to succeed, you need to
embrace radical transparency.
â Improves accountability to team & the individual.
â Requires clear rules & enforcement (radical candor).
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27. Trust But Verify (with Stand-Ups)
â Host âstand-upâ meetings every two weeks.
â Short meetings where everyone stands and talks.
â The goal is to get project updates & identify
needs that are holding up progress.
â If a project pivot is needed, this is when youâll discover it.
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28. Constant Visibility
â Identify one Key Performance Indicator
(KPI) to track for each active project goal.
â Collect these (quickly) at stand-up meetings.
â Hang a âGoals Boardâ where everyone
can see it. Update it every two weeks.
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29. Test, Validate, Repeat.
â Build a system that outlives any single DRI.
â Watch for people with a high truck factor.*
â Test & validate continually. If youâre organized
youâll quickly repeat past work.
â For example, customer lifetime value changes over time.
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*The worse itâd be if that person got hit by a truck (in terms of the project success)
the higher their individual truck factor.
30. In Conclusion: Now You Know...
â How to set reachable data project goals.
â How to create data project roadmaps.
â How to effectively manage a data project.
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31. JOIN US FOR THE NEXT LECTURE
How to Interpret Data Like a Pro, September 19th 2017
emperitas.com/lecture