The Analytics Lifecycle Toolkit

Data has become the new currency; organizations are drowning in it, but few are cashing in on its true value. The Analytics Lifecycle Toolkit translates the entire analytics lifecycle into actionable insights, providing a framework for building an effective analytics capability and the processes that turn data into action. Part 1 describes the "who," "how," and "why" of modern enterprise analytics, giving leaders clear insight into the value of strategically-aligned capabilities. Part 2 details best practices that include problem framing, data sensemaking, model development, change management, data management, product management, and more. Part 3 rounds out the discussion by providing guidance on sustaining high performance and guiding the analytics function into new phases of business. For organizations who see the value of analytics but lack the depth of knowledge needed to structure appropriate solutions, this book breaks the cycle of frustration and provides a roadmap for putting the right people, processes, and technologies into place. For those who have already implemented analytics, this book serves as a reference for leadership and a "refresher course" to update the team on the latest in practices and processes. Rather than a simple catalogue of analytics models, the discussion emphasizes underlying principles in key process areas to help organizations build analytics capabilities tailored to their specific needs-allowing them to harvest the highest-value information to better inform strategic decisions. In line with the book's practical focus, the companion website provides downloadable resources, tools, videos, and more to support and streamline implementation. The discussion itself assumes no prior knowledge of analytics and explicitly clarifies complex concepts and terms, using real-world examples to illustrate what effective practice looks like on the ground. With clear guidance, expert insight, and a wealth of practical tools, The Analytics Lifecycle Toolkit is an essential resource for any organization seeking an optimized analytics program.

GREG NELSON is the CEO and founder of ThotWave, an analytics advisory firm specializing in analytics talent development and has over 20 years of consulting experience in big data, statistical analysis, data visualization, and change management. Greg serves as adjunct faculty at Duke University's top-ranked Fuqua School of Business and is an expert for the International Institute for Analytics. Greg has authored over 200 papers and publications and is a regular speaker and keynote presenter at national and international events. Greg earned his bachelor's degree from the University of California, Santa Cruz in Psychology, a Master's in Clinical Informatics from Duke University, and conducted Ph.D. level work in Social and Cognitive Psychology at the University of Georgia.

Preface xi Acknowledgments xv Part I The Foundation of Analytics 1 Chapter 1 Analytics Overview 3 Chapter 2 The People of Analytics 38 Chapter 3 Organizational Context for Analytics 68 Chapter 4 Data Strategy, Platforms, and Architecture 95 Part II Analytics Lifecycle Best Practices 127 Chapter 5 The Analytics Lifecycle Toolkit 129 Chapter 6 Problem Framing 148 Chapter 7 Data Sensemaking 185 Chapter 8 Analytics Model Development 218 Chapter 9 Results Activation 266 Chapter 10 Analytics Product Management 301 Part III Sustaining Analytics Success 349 Chapter 11 Actioning Analytics 351 Chapter 12 Core Competencies for Analytics Teams 386 Chapter 13 The Future of Analytics 424 About the Author 433 About the Companion Web Site 435 Index 437