“Use data to derive insights and improve business decisions,” is a precept that seems superficially straightforward.
We certainly know it to be an effective practice. Quite aside from the logical supposition that empirical measurements must create more reliable business insights than gut feelings or individuals’ observations, we know that data-driven companies are 58% more likely to beat their stated revenue goals. However, as all the organisations who have attempted it may undoubtedly attest, bridging the gap between the precept and the practice can be complicated. This paper is about getting from data collection all the way to an actionable insight that can help you drive business value. It aims to explain the difference between ‘having data’ and ‘creating insights’, and how to bridge the gap between the two so you can make the best use of your data assets.