Business Intelligence – How should you use your data?

We are generating more and more data all the time, but if you can’t use that data to make better decisions you are wasting it.

The decisions that work well with analytics, then, are those that are made repeatedly, allow for some time to do the analysis, and are important enough to justify an investment. That doesn’t mean you need to become an expert in math or statistics, but it defiantly does mean you need to learn major stages of analytic thinking.

Here are some ways that you can help to use your data effectively:

    1. Set clear goals: Before you start analyzing data, it is important to have a clear understanding of your goals. This will help you determine which data is most relevant and how to use it to make informed decisions.
    1. Collect relevant data: Not all data is created equal. It is important to collect data that is relevant to your goals and that will help you make better decisions.
    1. Analyze data carefully: Once you have collected relevant data, it is important to take the time to analyze it carefully. Look for patterns and trends that can inform your decision-making.
    1. Use data to inform decision-making: Use the insights you gain from data analysis to inform your decision-making. Don’t rely solely on data but use it as one of several inputs when making important decisions.
    1. Continuously monitor and update: Data is not a one-time effort. It is important to continuously monitor and update your data to ensure that it remains relevant and accurate.
    1. Use visualization to communicate insights: Visualization is a powerful tool for communicating data insights to others. Use charts, graphs, and other visual elements to clearly communicate your findings to stakeholders.

      Power BI and Tableau

    1. Foster a data-driven culture: As a manager, it is important to foster a culture of data-driven decision-making within your team or organization. Encourage your team to use data to inform their decisions and make data analysis a regular part of your team’s work.

Conclusion

In summary, effective data use involves setting clear goals, collecting relevant data, analyzing data carefully, using data to inform decision-making, continuously monitoring, and updating data, using visualization to communicate insights, and fostering a data-driven culture. By following these principles, managers can use data to make better, more informed decisions.

 

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