Inquiry Response: Valuing the Benefits of Analytics Projects
What are some methods to determine a valuation of analytic project benefits? Often, a control group (text book) approach is very difficult to deploy in the enterprise. Besides, analytics is often a part of a bigger project. There may not be a silver-bullet, but some ideas on how to go about valuation will be great.
Is the analytics project an input into, or supporting, a given business outcome (marketing lift, warranty claim reduction, fraud detection), or conducted in isolation and judged on its own merit (data experimentation)?<