One of the top reasons why businesses are hesitant to launch any new initiative is because they do not know if they will receive the return on investment (ROI). We see this all the time with our cloud or data and analytics strategy engagements. Companies have previously been burned by consulting groups after spending thousands of dollars, hundreds of hours, and all they feel like they receive is a stack of papers at the end.
Ensuring you have an action-based roadmap in place and are leveraging a partner that can help build the resources that they recommend are two major ways to avoid strategy consultant burnout. Nonetheless, strategy is not an overnight thing, but there are ways to measure the inputs and outputs to ensure you are reaping the benefits.
Soft ROI or value-based outcomes are qualitative. These facts revolve around the intrinsic benefits outside of quantitative or monetary value. Examples include employee retention, product improvements, and customer satisfaction. These are all things that can potentially have metrics associated, but the value is beyond just the quantitative number associated.
While there are tons of calculations to reach hard ROI, the equation is Return/ Investment. In business, most initiatives have an initial investment associated. The return, however, may take longer to comprehend.
For example, data literacy is the ability to comprehend concepts related to data. There is no immediate valuation you can put onto an employee for their ability to read a dashboard, for example, but the value can come out in diverse ways. Tip: Review How to Equip Your Workforce for a Data Science Initiative, with this blog. From an investment of $5,000 for the team, you see a dollar amount increase in total sales, increase in self-service (time saved), and decrease in hours (payroll) associated with your IT (Information Technology) team translating reports. These elements can take form into hard and soft ROI.
If you are considering a strategic engagement and are hesitant on if it will reap value – simply ask the strategic partner about ways that they have calculated value for other clients. Especially in a number and fact-based function, it is always on the mind of consultants like us.
Get more details on Ways to Measure the Value of Data and Analytics Strategy, including a breakdown calculation in this Learning Brief. Otherwise, contact a team member at firstname.lastname@example.org to get started with a data and analytics strategy today!
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.
CCG understood our project needs very well, they are very responsive and we could not ask for anything more. The solution they provided fit perfectly with our expectations and business goals.GOP Data TrustChief Data Officer
I cannot overstate the delight we experienced from the outcome of our project. I would not only recommend CCG to any company, but question why they would engage with anyone but CCG.PgiDirector of Customer Success
Working with CCG is like working with extended team members. Consultants become an integral part of the work bringing expertise for cutting edge design and development.Hillsborough County Public SchoolsChief Information and Technology Officer
CCG's team is positive and eager. They are a great big bunch of wonderful people trying to make a difference.Hillsborough County Public SchoolsDepartment Manager
I knew CCG's technical expertise and dedication to quality results would be invaluable to our project success based on our past partnerships. We could not have implemented in the short timeframe like we did without their assistance. CCG is #1 on my speed dial for successful project implementation.InCommDirector, Financial Information Systems
It was evident from the onset of negotiations through the implementation that CCG took their role in the partnership to heart and we believe it has been instrumental in our success.Interval InternationalDirector of Marketing
CCG works very hard to understand and align with our needs. It truly feels as though we are on the same team!Fortune 500 HomebuilderBI Manager
CCG came to our company in a time of much change. Their team partnered with ours, continually delivering with professionalism and efficiency. We would not be where we are today without the expertise CCG brought to the project.PSCU Financial ServicesSenior Program Manager
CCG has a good industry knowledge, we are very happy that we chose to work with CCG. They have been a great help strategically and are helping us make important decisions.Minneapolis Public SchoolsHuman Capital Coordinator
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSCIO
Our CCG Consultants are total rock stars: very thorough with a solid knowledge of the financial services industry. As a bonus, they are very easy to get along with – a great fit for our team.Raymond James Financial ServicesSenior Manager of Enterprise Data
CCG's team are all amazing. Thank you, CCG, for all that you do to make us great and keep our credit unions moving forward!PSCU Financial ServicesVP Enterprise Analytics & BI
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSChief Information Officer
CCG's Team is very professional and responsive. They are making our job very easy.Rollins, Inc.Senior BI Analyst
CCG did an excellent job! Their team was very flexible. They gave us everything we asked for and then some.Rooms To GoSenior BI Architect
I'm amazed at the talent at CCG, not just the skillset - they're really good people. We've already referred them once and will do so again!Ruth's Chris Hospitality GroupCIO
CCG did a great job! We're extremely impressed with what was built in a short time. CCG has delivered ahead of time and with best practices, it's been a pleasure to work with them.VologyVP of Analytics
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