Every business has lots of data…the question that needs to be answered is, “Are you making good use of your organisation’s data?
The best way to make good use of your organisation’s data is to use it to solve the business problems of today. When there is a business problem, brainstorm and understand what could be causing this problem…and then identify the relevant business data that can help provide insights & solve the problem.
Extract the relevant data a, perform Data Visualization to better understand when the problem is occurring, which location, for which products, which customers are being affected, etc and then measure and compare the insights , using appropriate analytical techniques such as Descriptive Statistics, Hypothesis Testing, Correlation Analysis, Regression Analysis, etc to help solve the business problem.
Evaluate the analytical results and validate that the solution is accurate and meaningful. Then take action, this is the most important step…TAKE ACTION and monitor and manage the results of your action. The last and final step is to demonstrate and communicate the analytical value to your organization. Whether it be a Reduction in Costs, Increase in Revenue, or Reduction in Time, these are essential communication messages for the Business Operations and Strategy Team to understand how Business Analytics can help solve business problems using a data driven strategy.
If you would like to learn more or are interested in projects like the one described above, contact us at Business Data Analytics Solutions Pty Ltd at https://www.dataanalyticsexperts.com