The bi ggest question for any person who is responsible for BI Analytics projects in an organization is which topic to focus on the next. The number of options is never short and can be overwhelming. An established procedure for selection can be broken down into a few steps.
It is possible to pinpoint your greatest issues
The initial step in selecting the right projetos analytics is probably the most simple -- identifying the most pressing issues. It could be that you are not doing enough in sales, or your production has become inefficient, or you are unable to find resources that meet standards of price. It's likely that you have a good idea of what these are, and you will likely not have to take long time creating an inventory. The most important thing, however, is not to overthink the list at this stage, just get it all recorded The analysis can come in the future.
You can ask if the problem is analytical in nature.
You now have an inventory of issues. The list can be filtered by determining which issues include analytics. Here's an article that provides the answer to the question. Certain problems analytics will not solve. If the parent company of your business is making a change to its policy that's impacting you negatively, for example it's unlikely that the application of analytics will resolve those issues. The goal is to narrow your problems down to those where analytics will assist. For example, things like forecasting, market and customer segmentation, decision-support and campaign management. What's a tip? If there's a spreadsheet or a database involved in the problem the chances are that analytics have some role to play to help solve the problem.
Find out where analytics fit into the process
It is important to determine at what stage of the business process using analytics could affect decisions quality. For instance, imagine that a fashion retailer has put together an order for winter jackets for teenage girls. At how many points in the course of this procedure could data collide and make a need for a choice? You will likely have historical information on sales, loyalty card information as well as weather information and statistics. (There is a higher number of teenagers living in Manukau than Tauranga in the example above). If you haven't already you should consider this the perfect time to speak with an expert in analytics and insight (in-house or outside) and establish three things:
1. Which of these decision-making processes could be improved by applying analytics?
2. How much would it be worthwhile to make these better choices with the help of analytics?
3. What will be the expected expense of conducting the assessment?
Take a choice after considering
The goal is almost reached. You've identified the major problems that have BI analytics component and you've pinpointed where data and decision-making connects to the business procedures that are at the root of those problems. The benefits that can be improved by enhancing these decision-making processes, and the cost for doing so, are quantified. It's now time to calculate. If you think the returns are going be low or not at all, then put those projects to one side, as there's a better way to manage the situation.
Your high-value projects analytics. And the final filter? If you've got a few options and aren't sure which ones to start on, always ensure prioritisation is given to initiatives that are most in line to your company's vision for strategic growth.