According to Gartner analyst Nick Heudecker, 60% to 85% of big data projects fail. While big data captures the headlines, data projects in general share similar difficulties. Now, more than ever, choosing the right partner for business intelligence, data analytics, and data science consulting project matters.
A lot of experts have shared their opinions about the reasons for these rates. New technologies, the size of data, deploying to production, and other technical issues are real. But more often than not, it takes the right people to deliver a successful project.
So what are the essential considerations in selecting a partner? A data analytics company must meet the following criteria:
1. Do they listen?
Data projects – whether for business intelligence, data analytics, or data science – require deep collaboration with a consulting partner. The most important part of a data project is at the beginning, when you find out whether a data science consulting firm listens well enough to ensure that they understand your situation.
Do they ask questions? Do they listen patiently? When they speak, do they show that they tried to understand? Failing to understand the problem is the primary reason for project failure.
2. Do they have the right experience?
The next most important factor in a successful project is expertise. Chances are, your industry peers are all putting data at the center of their strategies. Data, big or small, is only as good as the ability to understand and use it.
Finding and applying a broad range of experience and techniques to achieve the desired result is often necessary for success. Does your data analytics company have the experience in multiple technologies and with multiple successful projects?
3. Do they quantify value?
Ultimately, successful projects need to deliver an expected level of value. You might expect that this is straightforward, yet in another recent study, less than 9% of data scientists can quantify the business value of all of their models.
Data analytics companies need to start with success criteria and ensure that the project stays on track. While quantifying expected returns must be done up front, the biggest risk is in losing sight of the target when faced with unfamiliar technology and project deliverables. Perhaps more than in other projects, you want your consulting partner to control scope, because getting to production is a difficult last hurdle.
At Syntelli Solutions, we endeavor to fully and accurately understand our client’s goals and leverage all data available to move from simply seeing insights and information to making a powerful impact.