Data Analysis and Reporting
If your data is not supporting your decisions, you may have a problem. If you’re not supporting your decisions with data, you definitely have a problem! When it comes to growing a business, you have two options. You can rely on data and plan for the worst or hire a fortune teller and hope for the best. It goes without saying that in the latter case it’s unlikely you’ll end up with a sustainable insight-driven impact-focused business strategy.
What is Data Analysis and Reporting For?
Whether digital or digitalised, the footprint left by your customers is gold dust so long as you can interpret the story your numbers are telling. You build reports to monitor the performance of your business, they show what’s happening. Analysis is the process of interrogating data to identify why something is happening. Reports raise questions, data analysis answers them. To gain actionable insight, you need both.
Why should I care about Data Analysis and Reporting?
How can you plan your next step if you don’t know how you ended up where you are in the first place? How can you sell if you don’t know who your buyer personas are or act if your insights are not actionable? How can you make impact if your business plan is not impact-focused? Make no mistake, both reporting and data analysis are no luxury, they are a necessity if you want your business to succeed.
How can I improve my Data Analysis and Reporting?
Reporting and data analysis rely on source data, make sure it’s clean and usable or you won’t translate it into actionable insight. Look for successes and mistakes, patterns and anomalies. Visualisation makes data easier to digest so get creative and use visual interpretation of complex data queries. Automate your reports to save time. Build and share interactive dashboards to get others involved, two heads are better than one. Always focus on impact and never assume things, back your decisions with stats.