Analytics is a broad term. It could mean different things to different companies. For example, If a brand said it just needs any type of marketing and doesn’t do a deep-dive on which specific marketing tools would work best for its brand-specific goals, the chances are that the brand will fail to reach its marketing goals without a clear-cut plan.
The same goes for analytics. There are hundreds if not thousands of analytic tools available today. Analytics can do a lot if used properly. But without a consensus on what business challenges or use cases they need to address and what KPIs matter, companies can waste valuable resources, time, and money with analytical tools that are not fit for purpose.
The most successful companies across all industries collaborate across their different teams to determine which analytic tools can provide the most value for their needs to put resources and attention on those specific tools. Focusing on one analytics tool at a time provides a quicker experimentation process, so it would limit the waste of resources if those analytics don’t work with what you’re trying to achieve. Since not every tool or model is a fit for every situation.
The outperformers go through this process as it helps to maximize learnings and minimize the waste of time and money spent. Compared to experimenting with various analytic tools and models at the same time, following a more focused and collaborative approach puts you in a better position from the get-go to make the most of your analytics strategy and succeed.