As a business grows in data, so do its decision-making capabilities. If a company is able to gather and then correctly interpret the data, it will nurture a basis for better and faster decision-making. On the other end, struggling to make sense of the data means it is pretty much useless if you don’t know how to take advantage of it.
A report can hold a vast amount of data. Data-led business leaders will strive to obtain as many insights as possible from their data, regardless of how “few” actionable takeaways they get. The number doesn’t matter – what matters is the clarity in information can help business leaders make the most strategic and well-informed decisions.
Maximizing the actionable insights you receive from your analytics investments is essential, however, and it will allow your company to switch from being data-driven to value-driven.
Here are four ways that can help you recognize whether your data is actionable.
When data and insight are closely related to a company’s goals, they are likely to add value. Insights based on KPI naturally engender a sense of urgency that other data does not. It’s always easier to convert strategically-aligned insights into tactical responses, as they often relate directly to your business aims.
It’s difficult to understand the value of data if you lack proper background that can reveal why that piece of information is important or unique. An insight may end up raising more questions than it answers if it isn’t accompanied by context. Having sufficient supporting details ensures the insight results in proper action.
The more specific an insight is, the higher the chances are that it can be acted on. KPIs and other high-level measurements may also reveal curious anomalies but lack the necessary information to prompt action. If an insight doesn’t explain why something happened, then it’s not actionable.
If people can’t figure out why an insight is important and how it could help them out, then the insight is likely to be forgotten. Communicating insights effectively is important to their adoption and fruition. Simplified and visualized data is easier to understand and more likely to be interpreted correctly. By communicating insights clearly, the company will be able to prepare a pathway for action to occur.
These four criteria should help you recognize actionable insights from your business intelligence tools. Getting more insights out of your data will pay off big time for your company. Once you make sure that your hard-earned insights are as actionable as possible, they will drive value for your organization.
If you’re unsure how to recognize actionable data and make the most out of it, TRUECHART is here to save the day. Create actionable insights effortlessly from your Business Intelligence and Analytics Platform by integrating communication where it belongs: directly “inside” the data. Let’s chat.
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