Win with Advanced Business Analytics: Creating Business Value from Your Data

A FACT IN SEARCH OF MEANING

After the critical questions have been identified and the data have been analyzed and mastered with some sophistication and care, it’s time to move to the third stage of the IMPACT cycle: “provide the meaning.” This is the beginning of the true “translation” into something the nonanalytical business partner cares about. Uncovering the meaning of data is a creative and subjective process and is addressed in multiple examples throughout this book. However, as a basis, we advocate that your analyst focus on addressing the critical business questions that were given by thinking about four principles when doing his or her analysis of meaning:

1. What is happening/has happened?

2. Why is it happening/has it happened?

3. What will happen in the future?

4. How can the company maximize any opportunities?

In a business context, the focus of the data meaning should be putting it into discrete, easy-to-digest parts. Therefore, we have found that in the world of business, it’s often best to have your analysts articulate their interpretation of the data in short bullet points, rather than a more narrative write-up. This is done for two reasons. First, it helps force the analysts to put their interpretation into concise, crisp language that is hopefully quick to read, easy to understand and to-the-point. Second, it helps the analysts focus and make sure each bullet point supports the critical business question(s) being asked, without irrelevant data interpretation. ...