Are you collecting a lot of data in your small business? Is the data being analyzed to help you make better decisions? Do you understand the trends that are happening, and are you reacting to changes quickly? Data analytics, also known as the analysis of data, is the process of inspecting, cleaning and modeling data, with the goal of highlighting useful information to help you make better decisions.
Small businesses collect a lot of data every day, but most of it is not analyzed or utilized to guide decision-making or to prioritize activities. Data analytics is often called “business intelligence” because the analysis of data allows you to make smarter decisions. Analyzing data can guide your thinking in all aspects of your business.
To begin this process, identify the information that you would like to have that would help your decision-making. Next, determine the data that is required to create the analysis. In most cases, you’ll find that the data is available. If not, start collecting it. Finally, construct a data analysis model to summarize the data in a meaningful report.
There are also numerous software tools that can be used to help extract, clean and assemble data into analytical reports. Oftentimes, data from multiple sources can be merged to obtain great information that would otherwise be unavailable to you. Data analytics is a great way to unlock information that will allow you to make better decisions on how to run your small business.
READER RESPONSE >>
I was reading the clip from Dick Jones about the attributes of top performers.
I agree with his comments. However, what’s overlooked in the article is how to recruit and identify those with top performing attributes.
As a supervisor the past couple of decades, I recognize the need for performance and have perfected interviewing techniques to identify those candidates.
I would like to follow up on Mr. Jones’ clip.
I’m not a recruiter nor is this a way to direct business to my attention. My reason is merely to help others. Is this an article you would be interested in publishing? If so, please provide me with the guidelines and word count you would like to see.
Dick Jones reply:
Chris brings up a good point, but I think hiring a new person goes far beyond just “interviewing techniques.” Yes, interviewing new candidates is important, but there are a number of other things you can do, depending on the position, that would allow you to make a more objective decision on whom to hire, and whom not to hire.