|How can a sponsor increase the success rate of data and analytics initiatives? (C1: Currency)|
The 6C-approach hinges on my 2-decades of experience across a wide range of programs in size, complexity, criticality, and industry segments.
The effectiveness and sustainability of the programs along with the longevity of the results were largely dependent on one primary factor – sponsor engagement.
The first C is Currency (funding).
Adequate funding is definitely needed. Most sponsors see this as their only responsibility. And that is the problem.
Concepts like executive buy-in, organizational change, cultural transformation are easily thrown in by consulting firms, but what does it really mean?
Money cannot transfer responsibility to someone or to some other organization. “I have given you what you wanted, where are the results?”, is an easy question, with a complicated answer. The data team is only an enabler.
If the funding is to produce intended results, there is more to the sponsorship role. If a sponsor is not willing to do more than funding, it is better not to spend the budget on a data/analytics initiative.
September 19, 2020