84: How to Transform your Analytics Dept into a Profit Center w/ Derrick Louis
Data is a company’s most important asset, so why aren’t more companies turning their analytics departments into profit centers? In today’s episode, my guest took this concept to the next level by bringing a dedicated accountant on staff to manage their analytics profit center. When Derrick Louis says he is focused on the bottom line, he means it! Previously the Executive Director of IT at RaceTrac Petroleum, Derrick currently heads up IT at Cumberland Farms/EG America. As a business-driven IT leader, he harnesses the power of technology, people, and innovation to combat rising costs, create nimble organizations, and drive scalable growth.
In today’s conversation, Derrick shares some practical tips and advice that will inspire you to think differently about how you work with your customers, especially when it comes to being financially responsible. We touch on why you should be quantifying how your analytics teamwork adds to your bottom line, how to know when it’s time to become a profit center, and the value of keeping track of every dollar you save your org by bringing an accountant in, and so much more! For data leaders that are struggling to show their value to their org or aren’t sure where to start on creating a profit center, this episode is for you!
In this episode, you'll learn:
- [0:15:49] How to convince your company to shift from a cost center to a profit center.
- [0:22:40] How effective data leaders deal with pushback from their leadership.
- [0:27:20] Derrick’s advice for departments that want to become profit centers, but don’t know where to start.
- [0:33:32] What led Derrick to bring an accountant into his analytics team.
- [0:35:28] Some of the specialized skills that an accountant brings to the table.
- [0:42:56] Different types of reporting that you need, including the value of user spend.
- [0:44:03] Why Derrick says that the accountant ultimately “paid for himself.”
For full show notes, and the links mentioned visit: https://bibrainz.com/podcast/84
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