Video produced by Steve Nathans-Kelly
The AI-Powered Enterprise author Seth Earley offered best practices for a successful product data metrics rollout during his keynote at Data Summit Connect 2021.
"If you have Google analytics or you have some other type of analytics tool, then start looking at comparing it with the performance of your categories, your performance of your products," Earley said. "If there are governance programs, data governance programs this is again, product data. I'm picking a particular area because it does have a good ROI and you can use that to catalyze other types of projects. You know, these are usually easier to, but again, whatever your value chain is, you can do this, you're using revenue in item counts."
Organizations should take those metrics and look at conversion rates to look at correlations between those different types of metrics. Then, come up with consistent definitions and the explanation.
"So when you're trying to explain things to people, make sure you're, you have an understanding and they have an understanding of product daringness means, right? Or whatever the term you're using. You do need to show people, you know, with simple visuals, you do need to get somebody on the business side who is going to look at those results and say, yeah, that makes sense. You can't come up with these things in a vacuum," Earley said.
He suggested including the finance department when planning a metrics program because they'll be able to show how the pieces come together and be able to justify the chain of correlation and causation between a behavioral metric, operational metric and an outcome score, or a financial metric.