‘Measure what is measurable and make measurable what is not so’ Galileo Galilei
It is vital to measure the success of any implementation. Defining what success looks like is the first step, and this should be quantifiable. Clear performance indicators allow the business to measure and monitor the effectiveness of the technology and its implementation. Goals should be measurable, limited in number and have clear deadlines, and ensuring goals are aligned throughout the organisation is a vital step.
To reduce bias when assessing the implementation, success and failure should be quantifiable and clearly defined.
Success must encompass the ability of the solution to meet the pre-defined objectives, enabling better communication through informed, data-driven conversations and decision making across the organisation.
Measuring the success of the solution and the change management programme ensures that the business is getting the most out of its new data analytics software. Part of this is clearly connecting the work of employees to the company’s overall strategic plan. If new software is delivering the intended productivity boost but users still find using the solution daunting, then the change programme cannot be considered a success.
By motivating users throughout the whole business, and giving them the training and tools to use the solution effectively, data analytics can have a transformative effect on financial services operations and their bottom line.