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Making Analytics Work For Your CompanySeptember 2021 You want to use data and analytics to drive your business forward, but you can’t simply input data into a business intelligence tool and expect fantastic results.Here are four simple steps to achieve success with data analytics in your business, according to Rob Reynolds of analytics provider INxSQL Software. 1) Do the research necessary to find a product that is not limiting. A good dashboard analytics program will not be limited to a certain group of graphs or dashboards. Being able to see the data the way your business needs to see it is key. 2) Involve the people at your organization who will be using the analytics. If they like it, they will be more likely to use it. 3) Purchase and invest in training for each person who will use it. This can be group training or individual. “When we understand how to use things, we are more likely to use them,” Reynolds explains. 4) Perform process reviews periodically to gather how your organization is using the analytics. Diagnose how your team members want and need to use the analytics moving forward. Whether you’re analyzing customer data to improve your marketing segmentation and capital allocation, gathering data from disparate sources to create predictive models, or sorting through cyber security data to make your infrastructure more secure, following best practices ensures you’re making data-driven business decisions, according to technology blogger Shelby Blitz. Decide On Key Metrics It’s important to decide on the metrics that are meaningful to your business. For instance, if you’re analyzing advertising and customer data to uncover your best customer acquisition data, then conversion rates and customer spending data are valuable. Eliminating extraneous data allows executives to focus on relevant metrics to make decisions that may change the course of a division or company. Some questions to consider when evaluating which metrics to focus on:
Plan Your Goals This is Part 2 of a two-part series on data analytics. Would you like to share your experience? Contact Amy Nijjar [email protected].
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