In this article, i would like you slightly bring to a data world.
In this century, the emphasis is on getting to know the customer, ie being able to determine his requirements for a product or service and monitor his behavior on various platforms such as e-shop, web site or on specific places as a shopping basket, decision flow during shopping and so much more. With the help of data, one can look at a given task comprehensively, in a broader sense, and see the problem of its origin. Therefore, it is important to know how to properly set up these analytical resources so that decision-making is based on right data that solves the problem, not on data that describes different situations associated with the problem. It is not useful.
Analyst Mission: Turn data into insight.
The mistake associated with data analysts is, that we are men, who play with charts. It is not true, this part is almost at the end of everything. We are people, who like to ask on things, because we have to get to the cause of the problem. Than we could solve it. Our rules are related to know and hang on these:
- define the real problem to be solved
- full understanding of stakeholder expectations
- focusing on a problem without misguided factors
- open communication with stakeholders
- take a step back and observe the situation “from a distance”
These rules give us the base. If it is right define, than next steps will be clear and we will be convinced of their correctness and fairness.
Analyst a person, who has properties like:
- Visualization – more efficient way of working
- Problem-oriented – search, edit and use data so that their result always solves the problem and than improve something
- Look for correlations – search for the relationship between variables. Why did this happen?
- Big-picture and detail-oriented thinking – to look at the problem with perspective, but at the same time to find out which parts it is composed of.
For better clarity, we offer you the opportunity to look into some of our questions that we ask before starting projects that are interested in implementing a data-driven decision-making process.
- What is the problem?
- Can it be solved with data? If so, what data?
- Where is this data? Does it exist, or do we need to collect it?
- Who are the relevant sponsors and stakeholders for this project? Who is involved, and how?
- Is there any other information you think is relevant to the project?
- Is there any information you need or questions you need answered before we begin?
When we have sufficient knowledge base regarding the situation in a firm, we move to a specific case, a problem, that needs to be solved. Here again, we ask questions, but from a different perspective. Imagine a situation where a government wants to find out, whether they have enough exercise. This is part for analytical questions.
Instead: Are kind getting enough exercise these days? We ask: What percentage of kids achieve recommended 90 minutes of physical activities during week?
In principle, an analytical question is accurate and works with numbers, not assumptions as we can see in a first question. This is big gap between analysts and manager approach. We are not managing something, but we can answer the questions and design next steps, which could use manager in his decision-making process. Thanks to analyst, he has relevant knowledge to make right decisions.
When selling, it’s important to know how much it brings me and why, so that I know what works. This controversy may raise questions such as:
- Which communication channel brings me the most user conversions and why?
- How does a user on my channels behave? What interests him?
- What is the rate of returning users to my site? Do I have loyal customers?
- What is the level of purchasing power and customer satisfaction with my product / service?
In order to find answers to these questions, we must have the appropriate base. Without analysts, we cannot determine exactly who does what on online channels and whether they are relevant and effective in doing business as they are currently tailored. Therefore, we, as an external analytical team, want proposals to bring our clients not only answer to questions, but also came out with recommendations and steps, tailored exactly to business, with which we can help develop business opportunities associated with a problem.
It is somewhat ingrained in people’s minds that data, databases, reporting or dashboarding are intended only for large corporations, which have considerable financial resources and can afford to follow the data. Therefore, people think that data access, to be data-driven, is not intended for them, and if it is, then they have to spend considerable funds on their savings, from hard-earned money. But we know that reality is and can be different!
Due to weak data settings, companies around the world are losing a lot of money. It is a mistake that there is not such an enormous interest in smaller companies so far, and if it is, they are not approached individually.
If we lived in a closed system that we can determine the necessary variables as fixed and valid regardless of the environment, then in terms of Slovakia, it would be about $ 19.6 billion per year and in terms of each business entity about 32,951 dollars, which represents € 27,893. Just because they make decisions woth fail data or without any data.
3M’s marketing principle must be applied in the right order: market, message, medium. One of the biggest mistakes and failures in marketing communication results from using 3M in the wrong order. Fact by Culturepartnership.eu
We enjoy connections. Be part of it.