Here’s a question that came up during a recent TMA Q&A. It’s actually a very good question, as it is important to count the time commitment that investments will demand from you, just as it is important to count the initial investment cost.
The answer? It depends.
With the help of modern software you can certainly crank out a quick and dirty model in a matter of hours. This approach carries many strategic risks, but it can be done.
Going through the entire TMA process takes about six weeks on average. As for receiving results from following that process?
Well, that all depends on what you’re doing.
For example, if you’re using predictive analytics to improve the efficacy of your e-mail marketing campaigns then you’d typically see results very quickly. Someone who is using predictive analytics to improve the efficacy of a direct mail campaign might have to wait longer.
It also depends on whether or not you are putting together a single project or are attempting to methodically build an internal analytics practice. The difference here in time is the difference between building a single car and building an entire care factory.
Of course, there are plenty of benefits associated with the longer, harder project that you’ll never see if you remain fixated on building those individual cars!
If you’re not sure how and where to get started on your next project (big or small), why not register for TMA’s next free webinar? You’ll receive a thorough grounding in the concepts and strategies that help a predictive analytics project become successful, and you’ll get your own chance to ask your questions of gurus Tony and Scott after the webinar is complete. Sign up today.