Solve Any Business Problem with Analytics
In business, decisions matter. What product line should you choose to achieve the most revenue? What marketing campaign should you do to give you the highest ROI? What strategic moves should you make to take advantage of opportunities and avoid failure?
Make the wrong decision, and the results could mean anything from a small loss to complete company collapse. Make the right choice, and you can find yourself in a very good position.
The value of analytics is revealed when you realize that, one, making correct business decisions has enormous value, and two, the sole focus of analytics is to help make the correct decision.
Analytics reduces uncertainty, gives you a better view of the situation, and can predict certain outcomes so that businesses can make correct decisions and take the most productive actions. And the good news is, analytics can be applied to just about anything, if you just understand where and how to measure to give you the right information.
It you think you have a business problem that can’t be solved with analytics, I challenge you to read the book How to Measure Anything and see if it’s still unsolvable. I’m willing to bet that there’s a way to use analytics to solve your problem, and it’s probably easier than you think.