The 20:20:60 rule to make analytics work for your business

2.2.6 rules

 

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 .

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