Data analysis for better business decisions
All businesses face competition, and it can be fierce, especially in a rapidly changing market. And with the explosion of online and social media channels, customer expectations are also rising. They compare companies to companies, not only in terms of product or service, but also in terms of total experience. Businesses able to meet these demands and expectations stay afloat, while those that fail struggle to sustain themselves.
Satisfying the needs of your customers means satisfying their entire customer journey. And this journey includes a number of areas that will require your attention – from sales, to production, to operations, and so on. It is very difficult to address all of these areas at once, and this is where data analysis could be helpful. Data analysis helps organizations determine and rank the most impactful factors versus the less significant ones. It helps companies make strategic decisions, achieve their main goals and solve business problems using relevant data.
We asked our data analytics and digital transformation resource, Herleen Montera, to outline where small and medium-sized businesses could expect more clarity using data analytics . Here are his thoughts:
First, data analysis is the systematic study of a data set using illustrative, qualitative, and statistical techniques. The key to producing timely solutions is how we extract relevant information from these datasets using analytical tools. Some areas where we might expect the data to help us are:
1. Business health
You would be able to see the big picture of the business based on the data.
Data analysis will show you the real status of your business. This could potentially give answers to factors that you wonder if they are relevant or true, or not. Sometimes we have a hunch about what our problem might be, but the data might show us for sure.
2. Significant factors
We could target the area we need to focus on, from highest impact to least impact.
Out of all the possible factors, both internal and external, that you might face, you would be able to act on the most important factors that greatly affect your organization first, using the right tools and techniques.
3. Relevant recommendations
After knowing your important causes, you would be able to create relevant and targeted solutions. It is important to set priorities, deal with immediate risks and create a big impact on your organization in a short time.
4. Durable solutions
While it is important to know the important causes to create relevant solutions, we must not forget how to sustain these high-impact solutions. With proven analytics tools, you would be able to measure your improvement and consistently monitor your organization’s metrics.
Let’s take the example of a café, which has received various complaints about its products and services. One complaint was the acidity of the coffee, another was that the staff were unfriendly, among many others. Through data analysis tools, you would be able to know which customer complaints have a big impact on your ratings. Once you know the main issues your business is facing, then you can dig deeper into the causes. If our data told us that “usability” is the main issue, we would now assess different contributors such as hiring, training, management, etc. using basic graphs and statistical tools. We would also have a targeted recommendation which would have a positive impact on our customer satisfaction ratings.
Mortera will share the most useful data analytics benchmark tools used to identify your business’s biggest problems, then tailor and monitor your most impactful solutions, applicable to any business and organization. She will lead another series of virtual workshops titled “Data Analytics Techniques: Better Business Decisions for Optimal Performance” in September 2022.
For more information, you can write to [email protected]or text 0919-3428667 and 0998-9641731. For your other e-learning needs, Inquirer Academy can help you design and deliver a virtual workshop, webinar, or self-paced online course for your organization.
The author is the executive director of Inquirer Academy.
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