It is both common and legitimate to say: “I have loads of data but what can I use it for?” Yet it can be counterproductive to try to understand data without establishing a framework and identifying potential actions. Setting objectives is fundamental to a strong data analysis strategy. Start by asking the following questions:
These may include:
Note that the more precise and measurable the objective, the easier it is to roll out your data analysis project.
Like any other process, your data analysis strategy and process depend on the key people in your business. You can rely on the following members of your team to enable process improvement:
Each of these key staff members have specific expertise to contribute to your analysis. It is important they have a defined role in the project.
The best recipe for effectively achieving objectives is to combine expertise in processes, operations, and statistics. Such expertise is rarely found in one person or even in one team, and maybe not in-house. It is therefore important to foster collaboration for your data analysis strategy.
The solutions to your problems are rarely found in the analysis and interpretation of historical data. They do, however, often feature robust solutions for improvement and allow you to: