True value of data is in the quality of business decision it supports, here's how

Let’s get real and let’s accept it – we all are dealing with an avalanche of information. Most of the organizations are spending more money on storing the large volumes of data than getting the respective return on investment in terms of data insights to make informed decisions.

One of the fundamental beliefs and expectations from any Business Intelligence Tool is to make drill down easier and faster. That’s alright though as that’s what is expected from the tools – to make data insight easier. But if the data consumers aka business users don’t know how to select what is important to look at, what questions to ask and then how to interpret the results – the Business Intelligence will actually add to the confusion instead of reducing it.

“Technology cannot replace an understanding about your products, processes and customers, it is an enabler”

So here are some key points to remember if you want your data to give you actionable insights

1. Key drivers of the business are a top priority

The key customers who are paying the bills is the critical group of stake holders. Its important to understand and deliver what is important to this key group.

2. Organize the glut of data

Besides using the right tools, you need someone who knows your data. Put a team in place and get going. Stay focused on the key drivers rather than every detail. Combine data elements from various sources to see the full picture.

3. Find Patterns in the data

This is a key to data analysis. Organize and analyze the data in a way that patterns and critical “nuggets of information” emerge.

4. Engage the stakeholders

Stakeholders know their data best and can be extremely helpful in finding fixes and testing before implementing solutions.

5. Move up the Maturity Curve, Automate and Speedify the execution

Customers expects results and would like to be left alone with the internal data and technical details. Remember that TIME has real and significant business value. Automation also involves a monitoring capability to determine if the business rules are optimized for desired outcomes or if they need to be reconfigured, thereby ensuring continuous process improvement.

6. Customer knows the best

Customers are the source of revenues – they are not products or services. They are the ones who decide if a solution works or not.

7. Analyzing Historical Data is Old School

Analyzing historical data typically takes the form of pre- defined queries to generate static reports that provide information about historical business trends and KPIs. Focus on exploring the factors that are responsible for a business trend and develop business rules around these insights.

So don’t be overwhelmed with the large volumes of data – focus on what to select, what questions to ask and how to interpret the results.