In the upcoming LEAP Ahead 2021 conference on June 15, Brett Hansen, CMO of Logi Analytics, and Gaven Singh, Vice President of BlueVolt, will deliver a presentation about the power of business intelligence and how data drives decisions.
Together, Hansen and Singh will offer an in-depth look at the impact of data. Their presentation will showcase how data applies to manufacturers and distributors. Singh will also highlight how BlueVolt’s embedded analytics tools, powered by Logi Analytics, provide customers with robust capabilities for obtaining the whole data story.
To attend this presentation at LEAP, REGISTER NOW and use promo code EARLYBIRD for the special enrollment rate.
6 Best Practices for Analytics & Data-Driven Decisions
1. Gather All Parts of the Business
Every department has different goals, but all departments work together for the betterment of the organization. Get leaders together to align as you build a data-driven strategy together.
2. Make Clear Data-related Goals
Goals should be concisely stated and quantifiable. Establish if goals are clear and measurable first. Make changes to have specific outcomes for each goal. Then determine appropriate benchmarks and milestones that can be checked and supported by data.
3. Organize and Clean up the Data
Without an organizational system, data becomes meaningless. Whether using internal team members or leveraging external experts, find ways to organize your data to gauge progress.
This step may involve some data hygiene to streamline information gathering processes. ALWAYS take the time to get your data clean. Otherwise, results will not reflect the reality of your business.
4. Gather, Review, and Analyze
Using the business intelligence and analytics tools that fit your business needs, gather the data points and begin reviewing that information in relation to your goals. Analyze the data to answer questions about what has happened and why it continues to occur. Data visualizations will prove most helpful in explaining your data story.
5. Measure Success and Find Opportunities
After spending a predetermined amount of time gathering and analyzing the data, measure your results against your goals. Point out your successes and determine how to re-create or improve on those elements. Consider opportunities for improvement and identify the root causes that led to a goal not being reached. Use the data to make changes and pivot in real-time.
6. Evaluate Goals, Reset, and Repeat
Create a regular cadence to evaluate goals related to the data-driven decision-making process. Adjust plans as needed to grow and reset goals to meet business expectations. Repeat the steps listed above for every cycle to ensure that continuous improvement and appropriate data models are driving your business decisions moving forward.