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

STRATEGIC AND TACTICAL USE OF DIGITAL ANALYTICS

Digital analytics can be used to do many things in business, but the two goals for the highest and best usage of digital analytics is to create value for your organization by either (1) generating profitable revenue or (2) reducing cost. When I sat down with Alex Yoder, the CEO of WebTrends, a leading global digital analytics company, he had this to say about digital analytics: “Analytics is powering the future of marketing. Real time analytics that allow instant engagement. Deep, cross-channel analytics that enhance understanding of customers and drive relevant content and tactics. And next, predictive analytics. Data is the fuel for the modern marketing machine.” Not all businesses are ready, however, to execute at full throttle with maximum success as they execute analytics at work. In fact, I highly recommend reading Tom Davenport’s books Competing on Analytics and Analytics at Work. Much of this section’s content was inspired by Tom but also references his work.

Digital analytics or, in fact, any analytical method, as has been discussed through this book, can be applied only when you have data that addresses your critical business goals. It sounds obvious, right? Yet many business people will bend data to fit their own conclusions when the data do not fit them. It is sometimes incorrect or just plain irresponsible to exploit the data. First and foremost, data must be given to someone who can take action or do something useful ...