{"id":258,"date":"2020-02-18T05:39:57","date_gmt":"2020-02-18T05:39:57","guid":{"rendered":"https:\/\/imperial.digital\/mainsite\/?p=258"},"modified":"2021-04-01T20:34:48","modified_gmt":"2021-04-01T20:34:48","slug":"data-analytics-better-decision-making","status":"publish","type":"post","link":"https:\/\/imperial.digital\/mainsite\/data-analytics-better-decision-making\/","title":{"rendered":"Data analytics for better decision-making"},"content":{"rendered":"<p>In order to run your business, you must make decisions. Every day, consciously and unconsciously, you are evaluating situations and selecting a path to move forward. Whether you are concerned with restocking inventory, scheduling employee shifts, or predicting future sales, these decisions can all be improved with data analytics.<\/p>\n<h2>What if I don&#8217;t have data?<\/h2>\n<p>If you have a website, you have data! If you have website analytics set up, then every time someone finds you in a Google search or clicks on your web site, anonymous data is collected about them: where they are located, which pages they visited, how long they were on each page, and when they left your site. The easiest way to set up this data collection is by installing the free Google Analytics tool. In fact, you probably have it installed.<\/p>\n<p>&nbsp;<\/p>\n\t<div   class='av_promobox  avia-button-yes   avia-builder-el-0  avia-builder-el-no-sibling '>\t\t<div class='avia-promocontent'><p>\nDon&#8217;t know if your site has Google Analytics? Use this tool to find out.<\/p>\n<\/div><div  class='avia-button-wrap avia-button-right ' ><a href='https:\/\/seositecheckup.com\/' class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-right ' target=\"_blank\" rel=\"noopener\"><span class='avia_iconbox_title' >Check now!<\/span><\/a><\/div><\/div>\n<p>Besides website data, you\u00a0may have data in your accounting system, your point-of-sales system, or even data that manually maintain in spreadsheets.<\/p>\n<p>Another source of data that may be relevant is external, freely-available data. Examples of this include US Census data, weather data, and freely available research. A great\u00a0place to look for open data sets is the <a href=\"https:\/\/www.kaggle.com\/datasets\" target=\"_blank\" rel=\"noopener noreferrer\">dataset repository on Kaggle.com<\/a>.<\/p>\n<h2>How much data do I need?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-272 size-medium\" src=\"https:\/\/imperial.digital\/mainsite\/wp-content\/uploads\/2017\/04\/51JhJRBJdHL._SX334_BO1204203200_-202x300.jpg\" alt=\"How to Measure Anything\" width=\"202\" height=\"300\" srcset=\"https:\/\/imperial.digital\/mainsite\/wp-content\/uploads\/2017\/04\/51JhJRBJdHL._SX334_BO1204203200_-202x300.jpg 202w, https:\/\/imperial.digital\/mainsite\/wp-content\/uploads\/2017\/04\/51JhJRBJdHL._SX334_BO1204203200_.jpg 336w\" sizes=\"auto, (max-width: 202px) 100vw, 202px\" \/>According to Douglas Hubbard, you can improve your decision-making dramatically with as little as five pieces of data! In his book,\u00a0<em><a href=\"https:\/\/www.amazon.com\/How-Measure-Anything-Intangibles-Business\/dp\/1118539273\" target=\"_blank\" rel=\"noopener noreferrer\">How To Measure Anything<\/a>,\u00a0<\/em>Hubbard explains that knowing just a little more than you previously did about a decision area can yield big improvements in outcomes.<\/p>\n<p>In an <a href=\"http:\/\/analytics-magazine.org\/explaining-how-to-measure-anything-finding-the-value-of-intangibles-in-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">article written for Analytics Magazine<\/a>, Hubbard explains it this way:<\/p>\n<blockquote><p>A client or reader who says, \u201cI would like to measure this but we just don\u2019t have enough data\u201d is very likely making a series of erroneous assumptions. As in the previous point on statistical significance, managers may seriously underestimate how much uncertainty reduction they get from a small amount of data. In fact, we have never seen anyone who made this claim who had actually calculated the uncertainty reduction from a given set of data and computed the value of it to the decision, to ascertain that the uncertainty reduction had no value. Managers also underestimate how much data they really have. One example of this, discussed in the third edition of the book, is the \u201cuniqueness fallacy.\u201d This is the tendency to believe that only highly similar if not identical examples are informative.<\/p><\/blockquote>\n<h2>How Do I Get Started with Data Analytics?<\/h2>\n<p>To get started with data-driven decision-making, start by identifying the decisions you regularly make that could be improved. How important are those decisions? What impact do they have on your bottom line? Once you know the decisions you want to improve, then\u00a0think about what kinds of data would help you make your decision. Is it internal data? Is something available externally for free or for sale?<\/p>\n<p>Once you know the decisions and the appropriate data, it is time to\u00a0get the right talent working on it. While some of the analysis may be simple enough to analyze in a spreadsheet or chart, working with data analytics professionals can yield even better results.<\/p>\n<p>What kinds of analysis can a professional do? Stay tuned to future blog posts!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to run your business, you must make decisions. Every day, consciously and unconsciously, you are evaluating situations and selecting a path to move forward. Whether you are concerned with restocking inventory, scheduling employee shifts, or predicting future sales, these decisions can all be improved with data analytics. What if I don&#8217;t have data? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":223,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analytics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data analytics for better decision-making - Imperial Digital<\/title>\n<meta name=\"description\" content=\"In order to run your business, you must make decisions. These decisions can all be improved with data analytics. 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