The Basis of Data Analysis and Decision Making in Business
Data Analysis and Decision Making these days is the source of competitive advantage of many successful companies.
So you’ve got a boat load of data at your disposal. You might have had a beta test of it, or a survey.
What do you do with it though?
Well the next step is the hard part. You have to take all that data from beta testing, surveys, and everything else, then turn it into a well-educated decision.
Even if you’re making a lot of profit, the decision could still affect you badly if it is a poor one. If you are making the good money, well you don’t want to lose any of that, do you?
Of course not, so here are a few steps to make this easier on you. So here is a guide for data analysis and decision making.
There is a lot of attention to even small detail when analyzing data, so let’s go over a few key points that you need to look at.
• Will this work in not just the short term, but the long run?
• Is it worth the cost of doing it?
• Who is this directed at? (Different business departments or customers)
• Where does this need to be placed?
• How far should this extend out?
• What are the after effects of this? (If you’ve done a beta version test or have reviewable-data)
• Will this or Did this meet the goals previously set?
This is just a baseline to look at, but it generalizes each detail you probably need to take into account. You may have already done a beta version test, or even have a finished product, or final procedure in place, but you want to go forward with it.
After all, moving forward is the drive of a good business. So examine all of these carefully. You also want to put the data in an order that makes sense to look at. You can do this by putting the data you received in order from first received to last received.
Before a Decision Is Even Made
Chances are that you have many options, and resources at your fingertips, some that you might not even be looking at. A breakthrough can happen any time, all it takes is an open mind, and a little thought from you.
Failure is never an choice, but remember that a sideways business move is also a big loss in today’s world. If you can’t determine that a decision one way or the other is going to bring in a healthy profit, then give it a pass. A fight that you didn’t get into didn’t hurt your business, or cost it a nickel.
Resources can be lost to a poor or even just poorly timed decision. Timing is in fact, the final step. A decision made six months too late is just not worth the money, and headache. However a product or practice that would be better produced in a year from now should be done then not right away. So consider all the options available to you, and all the details before making a mess, or a miracle.