Business Question
One of the best places to start is with a business KPI that needs to be improved. The ‘right’ question is one that aligns with business outcomes, has clear goals and can be answered without too many obstacles.
Analysis Plan
An analysis plan should be created prior to the data analyses. The analysis plan contains a description of the research question and what the various steps in the analysis are going to be. The analysis plan is intended as a starting point for the analysis. It ensures that the analysis can be undertaken in a targeted manner.
Data Collections
A formal data collection process is necessary as it ensures that data gathered are both defined and accurate and that subsequent decisions based on arguments embodied in the findings are valid. The process provides both a baseline from which to measure and in certain cases a target on what to improve.
Insights to Impact
Find clarity and insights in the data, identifying which customers matter most and the mix of levers that will have the greatest impact on accelerating growth.
Derive Insights
Information, insights and foresights have tremendous implication in every aspect of business. Organizations that are leveraging analytics to differentiate themselves at the front with standardization at the core are able to create sustainable competitive advantage. Analytics is enabling organizations to predict customer behavior, meet their needs and cement long-term customer relationships.
Business Intelligence
A set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability.