As soon as you want results, engage a data scientist. Waiting only causes frustration and confusion in management.
It's not uncommon for clients to say they aren’t ready to look closely at their data. They may believe they already know the problem and choose to focus solely on that issue, convinced that it's the most significant challenge. However, the reality is that no business has just one major problem. There are likely multiple issues contributing to the overall situation. Rather than fixating on a single problem, it's more effective to address each opportunity as it arises. Data analysis is the key to identifying these opportunities.
Let’s go through some quick examples:
Client A's business revenue is significantly lower than that of their competitors. The management team at Client A wants to redesign their brand before closely examining their data. While they acknowledge that there are other major problems with the business, they prefer to concentrate on the brand for a few months before addressing other concerns. At this point, data analysis is not their primary focus.
As it turns out, Client A did need some brand work, which improved revenue by 10 to 20% over several months. However, they also discovered that their staff was literally turning away potential customers who walked in the door. By retraining their staff—a process that took only weeks—Client A increased revenue by more than 100%. Ignoring the data initially wasted valuable time and resulted in a substantial revenue loss.
Client B has a similar problem, only they know they have a customer service problem. They believe that the top priority should be improving how their staff answers the phone, and they want to postpone data analysis. However, it turns out that Client B had significant issues with their advertising, making it difficult for customers to find their business. By fixing their website, online business profiles, and other digital information, Client B reduced phone calls by 70% while increasing revenue by 50%. Examining the data earlier would have provided a clearer picture of the opportunities and allowed for more efficient management.
Lesson: Look at the data, then act. You’ll save money in the long run. Just like your parents told you – think before you speak.