The Analytics Value Chain: Process for Tactical and Strategic Success
The Analytics Value Chain is a six-phase framework that explains the generalized process for “doing digital analytics.” As such, the value chain encapsulates the generalized analytics process. The execution of each phase in the value chain completes necessary work for creating value with analytics. The goal of the value chain is to provide people who want to understand digital analytics and improve their teams with a simple way to illustrate the various activities that the analytics team performs when it’s “doing analytics.”
Often people think analysts have all the data needed to answer business questions immediately at their disposal in easy-to-access, specific formats, that are already analyzed and ready to give to the business stakeholder. Although that may be true in some cases where the data exists, is ready, and has already been analyzed and placed into a report when it is requested, the more likely case is that some level of preparation is necessary to make the data ready for the businessperson.
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In other words, the data in digital analytics doesn’t just exist because there’s a website or social or mobile experience. It takes a lot of complex work to create and verify accurate digital data. It also takes different types of expertise to prepare and analyze it in a business context for business stakeholders. The following Analytics Value Chain explains the analytics process in a linear way for easy comprehension by the businessperson.
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As analysts know, the nature of analytics work and team activities can begin with any one of these phases and cycle back (recurse) as opposed to one phase always following after another. The linear step-by-step value chain as presented below, however, makes sense as a forward-progressing framework for comprehending how to do digital analytics. Just remember that analytics work can start in any of these phases, and the type of work the analytics team does in each of these phases will vary based on the company.
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The larger the company, then the more people and teams will be involved in the various phases, while in smaller companies fewer people and technologies can be needed to execute the value chain. The Analytics Value Chain has six phases:
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- Understanding what to analyze: Work with business stakeholders to identify and collect business questions and requirements. Examine previous analysis and learn about already collected data. Ask “If you had the data and analysis in your hands right now, what business decision would you make?Check out to know about Pii-email. On the other hand you can also know about Pii-email.
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