Believe it or not, analytics is more than just a sleek report generated at the end of each month. Often, the line connecting analytics with action is overlooked in favour of more shiny, flashy dashboards. What may look like eye candy is distracting you from the prize: growth.
In today’s data-driven world, businesses are constantly collecting data. Yet, many fall into the trap of thinking that having another fancy report will give them the answers they need to achieve business success. But growth only comes from making smart decisions using that data.
Indeed, many of the best insights are so simple, yet influential.
To help you not fall victim to the ‘infographic infatuation’ or the ‘dazzling dashboard dependency’, here are three tips to help you effectively connect your analytics with action:
1. Keep it simple
Businesses often get lost in what data they could be collecting or analysing. They overlook what’s already right in front of them. The key is to keep it simple and focus on what truly matters. Identify the goals and metrics that align with your business objectives. By concentrating your efforts on a few critical data points, you can avoid analysis paralysis and ensure your team is focused on truly actionable insights. Don’t be afraid to pop analysis items in the parking lot.
2. Build a team
As humans, we’re social creatures and often work better in groups. By forming a dedicated team to dissect reports, discuss the implications of the data, and formulate recommendations, you increase the ability to connect your analytics with business goals. Or as we like to think of it uncovering actionable insights and outcomes. A group does this better. They simply see it from more angles.
3. Be ready to act
The most crucial step in the analytics process is acting. Even if your plans are not fully baked, you can always measure the results after. There’s a lot of value in moving quickly, and so rarely are outcomes disastrous. So you’re best to put your hypotheses into market as quickly as possible and measure the outcome. That’s the best data point you can get.
Whilst aesthetically pleasing dashboards can wow over the boardroom on the surface, their true value only lies in their ability to guide your actions and outcomes. By simplifying your focus, encouraging collaboration, and importantly, taking action, you can harness the full potential of your analytics and turn them into the shiniest of actionable insights.
Remember, you don’t need to nail it the first time. Connecting your analytics takes time and practice, but the most important part is maintaining velocity.
Connect your analytics with action today – contact the team at Vaxa Analytics and unlock what you did not know you could.