Wikipedia defines Analytics
“Analytics as is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns towards effective decision making. It can be valuable in areas rich with recorded information; analytics relies on the simultaneous application of statistics, computer programming, and operations research to quantify performance.
Organizations may apply analytics to business data to describe, predict, and improve business performance…”.
Decision-makers (managers, business analysts, and others) use certain analytics over and over to derive information from data to provide four different perspectives:
- Examining historical trends over a period of time of some measurement (Sales, Events, Customers, etc.),
- Assessing events triggered by some problem (incidents of failure, waste, process errors, etc.)
- Predicting what will happen in the future (forecasting), and
- Implying some course of action based on relationships (causality, correlation, explicit relationships, etc.).
A key business concept is speed-to-market in the delivery of products and services. Speed-in-decision-making provides competitive advantage. Wizsm has readily available analytics which allow you to examine various perspectives quickly and to distribute results to other stakeholders involved in the decision-making process.
Focusing on a step-by-step approach by:
- Using some framework to frame the decision and analysis
- Structure evaluation team
- Define the timeframe in which decision must be made
- Establish your approach and supporting information needs
- Selecting one or more of the above analytics to gain insight
- Drive collaborative discussion and debate
- Drawing some conclusions from the results
- Making a decision
- Ensure resources available to implement
- Achieve closure and alignment of results
With Wizsm’s integrated suite, decision-makers enable analytics to get results that provide insight into the problem or area of concern. Decision-making being the focus of analysis. Tooling, like Wizsm, helps to achieve that focus.