This is part two in a two-part series, focusing on creating actionable KPIs and goals for compelling dashboards. If you’re interested in reading the first part of the series, check out “Report Burnout? 3 Steps to Actionable Dashboards People Can’t Wait to Open.”
Now that you have added KPIs and actionable goals to your business intelligence portfolio, the next step is to start adding Data Science and provide individuals with Predictive, Descriptive, and Prescriptive reporting.
As we know, the goal of a data warehouse and business intelligence is to get actionable and insightful reporting into the hands of those that can effect positive change in your business. For some organizations, true analytics competency has moved from reporting on how many (“X, Y and Z’s” over a certain period of time) to actually predicting, describing and prescribing specific solutions to a challenge or objective.
Now don’t let the words Data Science scare you. Not all science has to be hard! And, data science is as much ART as it is science. In fact, maybe we should just call those who do this important work data artists!
This is part one in a two-part series, focusing on creating actionable KPIs and goals for compelling dashboards. If you’re interested in reading the second part of the series, check out “You Don’t Have to Be a Rocket Scientist to Be a Data Scientist.”
It’s no secret that business analytics and reporting are milestones in the road to success. Analytics and Key Performance Indicators (KPIs) have become strategic assets to businesses and critical to decision-making. And the trend is only growing. Gartner forecasts that the worldwide business intelligence (BI) and analytics market will reach $16.9 Billion in 2016(Gartner, 2016).
With the growing demand, it’s time to evaluate your organization’s current BI system. Does your company use traditional BI systems that deliver analysis by way of reports? If so, you may have a problem. The problem is what started with such enthusiasm (“Dozens of reports are sent weekly!”) has turned into a lament (“Dozens of reports are sent weekly.”). They are the same words but different sentiment. If you find that you belong to the latter group, you need to ask yourself, “Are these reports just historical trends and yesterday’s data?” If yes, you may be in trouble.
You have a data warehouse up and running, and your analysts are building reports and dashboards, containing actionable data about your business and customers. But are you missing a large piece of the puzzle?
We all know that listening to what customers are saying on social media is a critical component to a company’s marketing plan, not to mention its overall business strategy. This level of customer engagement goes beyond monitoring customer loyalty programs, surveys, and tracking customer lifetime value metrics. Leading organizations need the ability to leverage social media analytics to raise brand awareness and enhance customer service.