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Founder
Growth

Growing into Business Analytics

People intuitively use the lessons of the past to make better decisions for the future. We call it experience, and we gain it by observing what’s happened and then identifying how best to control outcomes. But as organizations grow and become more complex, and the wealth of data produced on a daily basis expands exponentially, it’s not so easy to keep the same insights and intuitions. In order to make better business decisions in the “age of information,” you need a better way to leverage the data available to support better fact-based decision making.


Business analytics level 1: Opportunistic

Often the first push into analytics, this level is driven by necessity and facilitated by creative or frustrated individuals looking to fill a gap in describing and understanding business performance.


Business analytics level 2: Siloed

This level is characterized by analytics initiatives that are aligned with and segregated by individual departments.


Business analytics level 3: Enterprise

This level is usually driven by executives with visions of a data-driven organization. While some reporting is still targeted toward individual departments, there’s an intentional effort to share information across the organization, where the combination of data elements can give executives more valuable insights and a more accurate picture of performance and operational health.


Levels 4 and 5: Predictive and prescriptive analytics

This is where statistical modelling, forecasting, machine learning and artificial intelligence (AI) come to the fore, allowing users to run through multiple “what if” scenarios.


No matter where you are on your analytics road trip, there are always proactive efforts you can take with your data. Finding the right level of investment for your company and identifying areas of improvement are key.


Learn more about all of this and more from Partners Tim Deskin and Mark Richards and Manager Stephanie Henry at our presentation on Thursday September 17 at 3 pm, which can be viewed here. There are a few articles that you can read at the below links to truly get the most out of this experience.


Presenter Bio's:

Tim Deskin: An expert in software and information technology. There were two key things that attracted me to this career: I love being around people and building lasting relationships, and I enjoy solving problems that challenge other people. Learn more about Tim at https://www.plantemoran.com/get-to-know/people/d/tim-deskin.


Stephanie Henry: One of my passions is supporting others with their data analytics initiatives. I love helping people develop their use of data analytics to leverage data collected, improve efficiency with the use of analytics and creating report visualizations that meet the needs of the end users. I enjoy talking about analytics in speaking engagements, with fellow “data geeks” or with the user groups I facilitate across Colorado.


Mark Richards: Specializing in business intelligence, data integration, and performance management issues, I speak at numerous user groups and conferences in Colorado and across the nation, and my focus is on innovative solutions, thought leadership, alternative perspectives, and challenging the norms of data preparation and analytics. Learn more about Mark at https://www.plantemoran.com/get-to-know/people/r/mark-richards. 


Articles:

  • https://www.praxity.com/insights/thought-leadership/posts/2019/august/how-to-leverage-data-for-better-decision-making/
  • https://www.plantemoran.com/explore-our-thinking/insight/2017/11/food-for-thought-data-analytics-in-the-food-and-beverage-industry
  • https://www.plantemoran.com/explore-our-thinking/insight/2018/08/the-devil-is-in-the-data-optimizing-value-in-the-digital-age



 

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