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The following tips can help you connect the dots between insight and action. According to a recent Harvard Business Review study, Big Data strategies have arrived at a new juncture, “emerging as a corporate standard” with a focus that is “rapidly shifting to the results it produces and the business capabilities it enables.” But companies need to make sure that their tools and processes align with their established goals. How wide is the gap between the two lists? How would your analytics capabilities become stronger if you had access to more information?Īs it turns out, many companies struggle to answer these two questions. Step 2: Create a list of metrics that you monitor using the tools you have at hand in your business. Step 1: Create a list that includes the metrics you need to do your job better, in addition to the metrics you’re currently tracking. But are your metrics really capturing the key performance indicators (KPIs) that are most important to your business? There’s a simple test that can help you answer this question. Feeling pressure to pull stats, report progress, and demonstrate growth across performance markets, they choose numbers for the sake of reporting figures. But far too often, teams find themselves constrained to cookie-cutter solutions already on the market.
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When it comes to data analytics, companies need a custom-tailored strategy.