Sometimes text analytics project in your company may not go the way you envisioned for multiple reasons. It could be bad data, incorrect software, stakeholder issues etc.
You may ask how to make text analytics projects run correctly for your business?
The following are general phases in a text analytics program with highlighted tips for planning and overall delivery.
Defining Business Objectives
- Clearly state business objective
- Focus on particular business questions like most profitable customers
- Ensure stakeholder awareness
- Choose the right KPIs
- Identify needs and deliver to appropriate personnel.
Creating Analytics Brief
- Document all project activities
- Check for data supporting your analysis
- Create a project plan, agree the timescales of the project, allow time to review the results and build in a contingency for anomalies (typically 20%)
- If data availability is an issue, inform stakeholders of revised approach.
Use the Right Resources
- What is the budget?
- Verify data is legally compliant for use in analysis
- If the data needs to be sent to a third party are the relevant data processing agreements in place? Do they have appropriate data security standards/appropriate legal contracts?
Look for Good Data
- All data should be verified
- Run basic cross checks of data quality with respective department
- Validate counts with existing reports
- In-depth analysis starts when data is signed off
Never Deviate From Main Objective
- Ensure analysis relates to the brief
- Get regular updates from analysts
- Doubtful findings need review before inclusion in final report
Generating Valuable Deliverables
- Ensure factual presentation of the results
- Allow questions
- Stakeholders agreement on the most business critical findings
- Agree on prioritization of implementation plans and initial timescales
- Identify additional analysis or market research is required
- Ensure anything that you learn in the process about planning, techniques, or findings are shared with other analysts for future projects.