The moment anyone asks you to use some data analytics in your business what is it that clouds your mind? Typically – What’s is in it for me , how will it affect my business? Yes, it is not just money or effort or time invested , it is about returns. While we all know that returns have paved path for a business to grow from good to great, we still doubt. Its natural and its precisely the first stumbling block in using analytics for business. There are two more , this post talks about. You need to work on these and invest a certain amount of your resources (effort, time, money) to make analytics work for you.This break up based on all resources used- money and monetized effort and time spent . So here is the mantra:
Two parts to believing in it 2 parts to buying a tool , 6 parts to a real analysts who’ll not make you fool.
That’s right! It’s the 20:20:60 rule.
20% of your Efforts in trusting analytics will help. It’s about a mentality of the decision makers , and manager of business that insights from data are a crucial component of choosing the right plan and strategy for business . Within small and midsized businesses , so far, they’ve relied on best guess, experience and gut feeling .While there is nothing wrong about it, its certainly not the only path for growth hungry businesses. When up against other competitors on a bigger platform, there needs to be some numerical basis to that decision you make or opportunities you pursue to stay ahead of competition. Almost 60% of managers across the globe strongly agree analytics is important for business growth .The small and midzed businesses obviously share a much lesser pie. A manager can easily know if or not he is making the most with his business data. A lot of this can be won with a shift in culture – the culture of using insights from analytics in daily decision making.
20% of your resources in Buying a tool: Its not just about money but some effort as well in choosing the right tool to use. The market offers a long list , varying in range of features and cost- but few are great. Even fewer offer a complete analytics of your business data. Some collect website data ,others concentrate on market insights and competitor analysis. For small business, who look for flexibility with frequently changing game plan, it is best to invest less . A shortlist of most recommended analytics tools can be found in our previous post. Over time , even if you are ready to invest a pot of money in tools, its important you act wise. Go through a know-how to choose the right tool and vendors.
Last and least unimportant…
60% of your resources in the Analyst. At the end of the day analytics is about analysts. Machines and tools can help you collect data . And, that’s just the starting point of analytics. To have insights to act on , you need human analysts with planet size brains , to dig out great informative tips. Choose an analyst, wisely and invest liberally. A tool mostly gives only one approach to gauge your business performance and that too with few basic matrices. Please understand- it’s after all a tool. Google Analytics can only offer analysis of website/app data , while Compete give yours and competitors. Nothings wrong about that, in fact it is good to have a targeted tool. But often questions remain unanswered – the whys and what s , and what else keep growing endlessly. And that’s when a analyst comes to rescue– combines all different silos of data and helps make sense of it together so that you can get a complete picture . The importance of an analyst to make analytics work can never be overestimated and there it makes one inseparable component of Hedgehog insights four-fold value proposition.
Few words before closing – 20:20:60 rule is tested and proved for success. Expert analysts within Hedgehog Insights, researched and designed it for the benefit of all those who care to take our services seriously. Like a great recipe, that is best prepared with right ingredients in right quantity, data analytics too, demands a combination of analysis , attitudes and investment and the rule proves it has all.
About Hedgehog Insights– We are data analytics service provider . We offer analysis of business data. Be it daily operations, cash flows, website data or ones from social media, we analyze all of them together, on one platform, draw, connections, correlations, causes and offer our clients set of easily actionable insights. Tools are really in abundance and we are not selling another expensive one, all that we are selling is a promise that our analysts will offer modern and conventional analytics , work with you and help you see hidden opportunities from your business data. Schedule a free consultation .