Business executives and decision makers advocate for using data and analysis to inform beneficial decision making. However, typically the data analysis, reports and dashboards of endless metrics cause confusion, wasted time and possibly poor decision making. Why? Because it’s just data, not the right data. Key performance indicators (KPIs) and other business metrics need to be collected and analyzed with the purpose of supporting a hypothesis or a desired outcome that supports business objectives. Executives and decision makers want to know at a glance if business metrics and analysis indicate a need to change direction, stay the course, or most importantly, if opportunity for business improvement or growth is likely, and how to achieve it. In the absence of appropriate data and analysis, organizations often resort to making decisions based on perception, or flawed analysis, that is misinterpreted. A robust analytics method based on standard proven protocols can be utilized to always make data mining, analysis and interpretation effective and beneficial for making good decisions enabling achievement of key business objectives. Adoption of these methods by business analysts and key associates, can make business data the executive’s best friend.
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