Want great insights for your business, but don’t know where to start? Here are some tips to get you started!
By using the right tools, reporting can have transformative effects on your business. This blog series will explore the fundamentals of Reporting, Analysis, and AI.
Insights can assist businesses to identify bottlenecks impacting time, money, and customer experience. It offers the opportunity to create real-time updates to put in place quick solutions for better outcomes.
The task can be overwhelming, but by breaking the activities into segments, your business will be able to gain the best insights.
Having a clear understanding of the business goals and objectives coupled with a data discovery project, are crucial building blocks for creating the right insights.
Data Discovery
Gaining a clear understanding of the current state of your data is a great place to start:
- Understanding the information captured and the quality of that data
- A full-scale review of current data capture process management
- Data quality management
- Data government review strategy (including documentation)
Ensure there is a strategy for data expiry, data storage can be costly, you may only need to capture information for targeted insights, more information is not always better.
Identifying if there is an in-house capability to manage large-scale data and create the right insights is important. Outsourcing the services of a Data Scientist agency may be a better solution for the project.
Understanding the business
It’s crucial to clearly understand the business objectives, and how you intend to use insights to measure those objectives by:
- Creating clear goals to determine the insights needed to achieve those goals.
- Understanding business KPIs
- Determining the key business drivers
- Knowing your business limitations
All business reporting must have a purpose, be timely and succinctly delivered to the appropriate decision-maker. If you can’t determine the first two steps explained above, then the insights will not be useful.