Analytic Buyer’s Guide — Time
Understanding the Five T’s needed for Analytic Success
Our fourth concept is a four letter word, literally and figuratively. No concept is more important to the success of your analytic endeavors than time. If you have the time, you will in all likelihood get the results you need. Rarely does anyone really have the time. If you don’t, bring the money.
Analytics is Frustrating
Okay, that is new… It is often debated whether analytics is an art. Time ends that debate. Like any art, analytics often requires moments of inspiration. Sometimes it requires moments of innovation. Moments take time. This is likely the single largest division between analytic science employed in academia vs that employed in the business world. It is also why classic academics rarely translate well into the working world. Commercial enterprises never have time.
A great ASP (Analytic Service Provider) needs to make you slow down (at least initially). It takes a little time to save a lot. They should never rush through consultations, assessments, or evaluations. The set up for analysis is almost always analogous to a doctor’s visit, not a trip to the ER (and those often take an agonizing amount of time anyway). Patient assessment (both meanings) is required to get speedy results.
Making The Most Of Time
Whether you want a fast trip or a scenic one, you should have a map. In analytic terms this is a model, an inventory, and an understanding of the company’s infrastructure (the landscape). Iteration in analytics is powerful, but if the plan to get from Boston to Miami is Go South… you are going to waste a lot of time.
Making the most of time also requires that your ASP determines what that means. Where are your priorities, challenges, cost sinks, and revenue drivers. Time doesn’t just imply prioritization, it demands it.
The ASP should also recognize that the I of ROI includes time, not just money. They should understand opportunity costs. They need to be great custodians of time.
Discipline Saves Time
With a map and a model, an inventory and a plan — you are starting with solid discipline and that will pay off in the end. The ASP should provide milestones. They are a critical component. But a milestone is a measure of distance not time, in some disciplines those are fairly synonymous. But analytics is different… I knew you’d get there.
Analytics is learning. How often have you decided you were going to learn to play guitar in 18 months? Speak Japanese in six? Learn vector calculus next week? It doesn’t work that way. Neither does analytics, not often.
Doctor, I have a tumor in my right arm. I need you to figure out what is wrong with me. Oh, and I need that wrapped by Q4 — the shareholders won’t like hearing that we are sick. — has this ever been said by anyone sane?
Follow Along
Time is money. Money is valuable. Insight is valuable. Tools are valuable. Tools save time. Or if you prefer —
Time = Money = Value = Insight = Tools
The best way to manage an ASP relationship is to have patience but demand value. If you are out of patience, you need to accept highly targeted value. Fixes and firedrills are typically possible but have limited long term value. They also tend to require non-analytic resources to actually execute them. Do you have those?
The better situation is to view analytics as an investment. Like learning or an annual physical — it is an investment in your long term health and well-being (or your company’s). If you have time, it will work for you. And like any investment you want to buy low — though good luck finding an ASP that understands that.
Time is critical. You can pay for it or invest it — just understand the trade-offs.
Want to invest now? We can help. (Or, if you are out of time, we have been known to work miracles).
Our final installment — Technique is here.
