Can analysis improve your decision-making?

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Your business might have been great once, but how is it progressing now?

 

Without analysis, your predictably has the odds stacked against you

Analysis helps us to improve our profit performance, growth, and sustainability. The analysis is the process of breaking a task, function, complex topic or substance into smaller parts to gain a better understanding. The smaller the part the easier it is to make a decision.

In today’s information-driven world good analysis can change everything, not just in business, but also in sports, health, lifestyle and government policies. It is hard to think of any aspect of life that is not affected by analytics.

Analytics, sometimes called metrics, refers to our ability to collect and use data, information, knowledge and wisdom in order to generate insights. Analysis helps us to improve our decision-making based on more factual inputs.

Advances in information technology now mean you can have information and knowledge on everything to do with your business, customers and markets. This gives you unprecedented opportunities that will transform your businesses, quicker, faster and better. No longer to you have to trust your ‘gut feel’, or take unnecessary risks, as there so many analysis tools available, and most of them very inexpensive.

 

“Try to do the best analysis you can as you will rise and fall on the quality of the information used and the analysis undertaken”. Peter Sergeant

 

Analytics is the discovery and communication of meaningful data that helps people to make better, more meaningful decisions. Analytics is not new, basically, it’s the science of logical analysis.

Today, you have the superior technology and communications with which to deal with information and optimise its use. If you don’t become involved in the better analysis of your business and your marketplace, your will be letting your competitors continue to reap the benefits.

The world’s information and knowledge double every few months. Data on every aspect of our life is now tracked and stored in countless devices and databases across the world. Big Data and IoT is seeing to that. Analytics allows you to turn the large disparate data into insight and foresight.

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, even while you are reading this article.

Most things you do in a digital world leaves a data trail and your browsers log what you are searching for, 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 and insights emerge.

Take a moment to think about the information you utilise today and do an analysis against what you used five or ten years ago, or even a year ago and you will have a better understanding of the value of analysis.

The chances are that if you are still using the same old information with little analysis, you will be on the slippery slope to going out of business.

 

[read more=”Personal Experience” less=”Personal Experience”]

 Personal Experience:

I first learned about the importance of analysis in my first real job. I worked for an irrigation and water supply company. I remember designing an irrigation plant where the water had to be pumped several miles and up a very steep hill. It was to be used to irrigate potatoes.

The pump had to be the right size, the diesel engine had to be powerful enough, the pipeline had to be graduated to handle the amount of water required, in order to minimise costs, and at the furthermost point, the irrigation sprays has to operate at an even pressure.

In today’s dollars, the whole irrigation plant would have cost in excess of $3 million. If I had not spent several months measuring, calculating and analysing, my career would have come to a very abrupt end.

As the plant was being delivered to the customer, semi-trailer after semi-trailer that seemed to stretch for miles, the panic set in. Had I done the right measurements, calculations and analysis? The pressure on me was enormous, it was a day I should have stayed home and trusted my work.

Fortunately, we had a happy ending, but this project taught me all I needed to know about taking care when analysing anything in the future. Mind you, I avoid ‘analysis paralysis’ as nothing would ever be accomplished.

If you feel like you’ve tried everything to grow your business and it hasn’t worked, then believe me when I say analysis will make all the difference.

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