In a Q&A with Comcast, ReadWrite addresses four ways analytics can help decision makers keep a smooth and successful workflow within their business.
1. Analytics can help identify pain points in a business, and get back to smooth sailing
According to ReadWrite, analytics makes it easier to prioritize initiatives and “avoid making decisions based on hypotheses, with no evidence to back up your work.” Data can also help decision makers pinpoint goals, keep tabs on industry trends and patterns, and help “course correct.”
2. Analytics depend on the maturity of a business
ReadWrite says that business intelligence tools can “identify and measure leading and lagging indicators” in a business, and can help decision makers understand what might be influencing an uptick or downward spiral. As a business grows, decision makers can collect higher quality data via machine learning algorithms, and develop business plans that might improve future metrics.
3. Think analytics, not over analysis
“Providing enough domain knowledge at each step of the way is key to identifying the most relevant data for any analytics study,” ReadWrite says. For example, the structure that works best for Comcast is having the analytics and business intelligence teams work within the business units. “This ensures that there is participation from subject matter experts to provide real-time feedback as insights are provided, and ensures the right data elements are considered.
However, ReadWrite warns decision makers not to over-analyze. Sometimes, obtaining 80 percent, accurate data is good enough to understand how the business is doing, and guides the moves they should make next. “Avoid the pitfall of ensuring 100 percent accuracy as you may miss the opportunity to course correct in time.”
4. Apply analytics to the big picture – industry
ReadWrite says that while analytics can guide decision makers, it’s vital to look at the industry and market conditions as a whole while reviewing them. For example, if a business doesn’t seem to be doing well, decision makers might consider thinking about what is happening in the industry, and if that is causing the dip. Or, maybe the analytics are wrong, or maybe they need to be complimented with other approaches. ReadWrite also recommends prioritizing analytics initiatives “based on business goals;” decision makers should consider tightening the lens on the analytics that will make the most significant impact on their business, and not stress over the rest.