One of the most successful fast-food restaurant chains in the world came to Cognetik, a data science company, wanting actionable, clean, trustworthy data out of their digital properties. The purpose of any measurement plan is to define KPIs and metrics that are foundational to monitoring the performance of the objectives and goals set for businesses. Cognetik’s client needed its data to be restructured from two views, from a technical perspective and from a business perspective.
Cognetik’s approach was to develop a measurement plan that was to be the foundation for all the data collection processes that were implemented. The team was enabled to leverage data to form transformational insights, more easily identify patterns and use analytics to spot and address business needs. At first, Cognetik worked with the client on figuring out what areas of the client’s data collection processes were in need of improvement. As they began to review their data, Cognetiks quickly realized there was little to no structure in place around data collection. But this was a crucial step to ensure data accuracy and usability. Moreover, the data collected could not be trusted due to many errors in the implementation.The 5 steps they took included:
1. Interviews to define overall goals and business requirements for fulfilling those goals.
2. Ensuring company-wide alignment and documentation of business Goals, Objectives & Business Requirements.
3. Obtaining client approval for the Goals, Objectives & Business Requirements to green light the measurement plan.
4. Defining KPIs, metrics and dimensions, to properly measure client’s business requirements.
5. Getting approval for every change, every tracking step as well as every KPIs, metrics & dimensions.
Cognetik’s first step was to interview various stakeholders within the client’s organization, and have them answer carefully curated questions aimed at helping them define their overall measurement and analytics goals for the business. They then put together documentation that detailed the business requirements, goals, objectives, including well defined KPIs, metrics, and dimensions, and secured the client’s approval and executive buy-in. At this point they actually started defining KPIs, metrics and dimensions, in order to have all the client’s business requirements measured properly. Every change Cognetik implemented, every tracking they installed, needed to get approval. They had to make sure that they got approval for the KPIs, metrics & dimensions.
The client now has more trust in its data and demand for insights to determine operational actions saw an increase of more than 75%, while these insights and resulting actions are estimated to be delivering $30 million in incremental revenue for the year.