Heavy competition is making enterprises find new ways to increase their profit margins and this is where an investment on a big data project can prove helpful. However, its not that easy to convince a decision maker to blindly go with an instinct or intuition and make big investments. They need to first banish their skepticism and get convinced that every penny they invest on the project can be brought back and can perhaps yield big profits, if fortune plays their way.
Remember, the mind of an enterprise decision maker is filled with lot many decisions to make other than big data and related investment.
So, under these circumstances, how to convince a decision maker that an investment made on a big data project will yield positive results
It is always wise to start small- with your department, rather than to discuss pitching a firm-wide adoption immediately. Small deployments always give the scope to test technologies, work out on pain points, develop processes and procedures and get buy-in from other staff. This step not only minimizes risk, but also helps reaching the goal in a clinical way. Moreover, small deployment will also require small investment and if at all it goes the other way, then there is nothing much to loose in the end.
The next step to the task of convincing your CEO on investment of a big data project is to review your department’s business goals- especially those that generate revenue. This includes the decision makers specific tactical goals and responsibilities. Better to identify those challenges encountered by your manager and your department that are grounded in sketchy information. For example, if your department is responsible to reduce production time in a plant plagued with frequent equipment malfunctions, you might need a system for forecasting failures, which could lead to scheduling preventative maintenance in an automated way. At this point, it is better to create a report which helps in identifying several goals and several challenges, as well as the insights needed to address them successfully.
Next, is to identify several aspirational goals aligned with the firm’s vision and strategic plan. This can be well explained with an example. Suppose, you are a hypothetical retailer, whose vision is to lead the market in a specific region or all of the world. Then such goals must be supported by best customer service, along with the most extensive product, and/or having the fastest delivery service.
As you start gradually progressing in the goal of convincing your CEO to invest in a big data project, prepare a presentation to discuss how data science will address the specific goals and challenges you are currently facing. Then explain how data science can prove as a source of competitive advantage for the firm.
Better to present the management technologies which are proving successful at this stage and keep in mind that your presentation must keep focus on the available data science apparatus which helps in connecting science to solutions. Include the resources needed to address the core challenges, and then discuss how big data can transform business as usual.
Still not ready for the task of convincing your boss on big data investment?
Just give a call to DNF and relax thereafter. DNF along with its partners has the ability to churn out the best out of the available data, it can also prepare some insights on how it can prove beneficial in rising your business.
So, what are you waiting for? Call them and start the conversation.