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Are you data science ready?

Blog
August 01, 2022
By: Emily Gibbons, Vice President of Data Science, Commercial Insights and Loyalty, at 84.51°

It’s no secret that the data science industry is booming. While many business leaders have high expectations to transform their businesses with data-driven insights, organizations cannot fill the roles fast enough. In fact, in a recent survey by Wakefield, 71% of U.S. data executives say their leadership expects growth from their data science spending. The only problem is: 48% of those executives say their firms aren’t investing enough to meet those goals.

Right now, organizations at all stages of a data science transformation face the challenges of balancing time, money, data expertise, and aligning with existing processes that drive business decisions. Powering through those roadblocks means asking pointed questions about your organization’s strategic development and making tough decisions about how to move your organization forward on your journey.

What to ask about your data science transformation

To understand where your organization is on its data transformation journey, you must first assess your cultural readiness and technical maturity. By determining where it is today, you can better plan for the future.

Cultural Readiness

  • Are your data scientists integrated into the business, so that they can inform your firm’s strategic decisions?
  • Are your stakeholders asking enough data-driven questions to derive maximum value from your data science operation?
  • Has the business developed a scalable data and technology strategy?
  • Does data science have a seat at the table for strategic decisions?

Technical Maturity

  • Does your data science team have quality assurance and governance processes?
  • Is the current team providing descriptive, predictive, or prescriptive analyses?
  • Is your team working in open-source coding languages to ensure agility and access to best-in-class approaches?
  • Is there a technical infrastructure to support operationalized data science?

Our clients, both large and small, fall into one of the following quadrants of this Data Science Readiness framework.

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Just Starting

Cultural Maturity: Low | Technical Maturity: Low
If you recently identified the need to transform into a data science organization, but are still staffing and structuring your team, you are just starting. These types of organizations typically feel behind and needing to “catch up,” so they may fall victim to setting high aspirations while lacking confidence.

Aspiring

Cultural Maturity: High | Technical Maturity: Low
Are you ready to push the accelerator, but lack the data, technology and technical acumen to proceed? If so, you are aspiring. It’s easy to get overwhelmed by all the options available and frustrated when you cannot get started as quickly as you’d like.

Untapped Potential

Cultural Maturity: Low | Technical Maturity: High
Do you have an eager, highly talented technical team in place, but they are disconnected from the business team and separated by organizational silos? Are you struggling to see how data science drives ROI? If so, you have untapped potential and must focus on change management in order to move forward.

Change Makers

Cultural Maturity: High | Technical Maturity: High
Data science team? Check. Highly invested organization? Check. If you’re a change maker, you are focused on honing your craft and maximizing your impact. You’re at the forefront and ready to take the lead and stay ahead.

Top questions answered by data science

  • How are shoppers finding my products when they use e-commerce channels?
  • Why are we losing shoppers in one of my products (brands/formats)?
  • How much value does the new item add to the category and to our portfolio?
  • How does making a change to our product impact shopper engagement?
  • How successful have the promotions been over time and how can they be more successful with future promotions?

How we can help

No matter where you are in your data science journey, you don’t have to have every step of your journey mapped out. 84.51° can support your data transformation at your pace – whether we’re conducting analyses with you or teaching you how to do it independently. We work side-by-side with your data scientists to build a clean, secure, and flexible environment in 84.51° Collaborative Cloud that reflects your business priorities now and in the future.

Once you’re on track with a collaborative strategy, you’ll be on the way to becoming a truly data-driven business.

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