Analysis deliver inspired useful results

Analysis can deliver inspired results.

Analysis will improve your decision-making

Analysis or analytics is something anyone in business should know about because it can avert many mistakes and failures. With good analysis, you are able to understand what is going on better, and consequently you to make better decisions. A good analysis will be a game changer in all aspects of your business, or not-for-profit organisation, in fact in every aspect of your life.  It allows you to become more agile and adaptable to the disruptive forces of technology and the global competitive environment because you confidence to act will increase.

Analysis helps you to improve your profit performance, growth and sustainability due to a better understanding of the working parts. The analysis is the process of breaking a task, function, complex topic or substance into smaller parts to gain a better understanding. In today’s information-driven world good analysis can change everything, not just in business, but also in sports, health, lifestyle, communities and government policies. It is hard to think of any aspect of life that is not affected by analytics, making it another critical management task.

Analytics refers to your ability to collect and use data, information, knowledge and wisdom in order to generate insights. While hindsight is a wonderful teacher, today it is not available to you quick enough. It helps you to improve your decision-making based on more factual inputs. Good analysis leads to better decision making and the development of strategies that work and as a result, removes the struggles you are having.

Analysis will also improve your speed of decision-making

Advances in technology now mean you can have information and knowledge on everything to do, but we must be continually improving on it. Yes, everything with your business, along with your customers and markets probably need updating today, therefore there is a degree of urgency. This gives you unprecedented opportunities and it is these opportunities that will transform your business, quicker, faster and better. 

Analytics is the discovery and communication of meaningful data

Analytics is not new, basically, it’s the science of logical analysis and it has been around for centuries. Unfortunately too few businesses take advantage of it and therefore suffer the consequences. Today you have the far better technology and communications to deal with information and knowledge and therefore optimise its use. If you don’t become involved in analytics, your competitors will and furthermore they will better understand how to take advantage of you.

The world’s information and knowledge double every few months and that is a frightening thought. Data on every aspect of your life is now tracked and stored in databases and analytics allows you to turn this data into insights. But it only becomes especially relevant if you make use of what you learn.

How is this happening?

Your activities are being tracked and in many cases without your knowledge. Someone in the world is using this information and could be gathering information about your best customers, while you are reading this article.

Most things you do in this digital world leaves a data trail and your data trail is out there for anyone to see if they know how to find it and many probably do.  Your browser logs your searches, the websites you visit, how you click through them, as well as what and when you buy, or share, or like something. This information is passed on and added to even more information and so new information emerges and is almost surely what you need to know about if you want to stay in front.

Take a moment to think about the information you utilise today, probably it is not the best you can have. Do a comparison with what you used five or ten years ago, or even a year ago. It is quite different and the chances are that if you were still using the old information you would be on the slippery slope to going out of business.

A simple process to follow

Start with a problem to solve. Pick the one problem, that if solved will have the biggest positive impact on your business.

approach-to-analysis

Start simply so people understand. You can become more complex in your approach as people become more familiar with problem-solving techniques.

Analyse your business with a ‘Business Health Check’

It’s hard to find good solutions if you don’t know what the problems are. Often you will find that if you fix one problem, other problems seem to disappear because one problem can cause many other problems.  By way of example, if your business planning is poor, it will probably cause problems across most other parts of the business.

As can be seen in the graph this tool will quickly show you where the business is strong and where it is weak.

This ‘Business Health Check’ can be found at FAQ Support, along with many other analysis tools: “Analyse Your Situation Kit. The tool analyses 20 key parts of a business. It gives you suggestions as to the health of your business and what actions you could be taking to correct any problems.

Quotable quotes

“What gets measured, gets managed”. Peter Drucker

“A painstaking course in the qualitative and quantitative analysis by John Wing gave me an appreciation of the need for, and beauty of, accurate measurement”. Paul Boyer

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