The goal of business analytics has to be to consistently take data-driven actions to improve business performance. To help turn raw data into action, it is helpful to follow the below model: Acknowledge, Ask, Analyze, Answer, Action, Alert.
ACKNOWLEDGE a critical pain point
Example A: Our Sales Margin isn’t as high as we were expecting
Example B: Our google ads aren’t generating as much traffic as we thought they would
ASK an important question
Example A: Is there a region or wine that is underperforming?
Example B: Which ad campaigns are driving the least volume?
Efficiently ANALYZE the Data
Example A: See how each region and wine stacks up to their peers and the average.
Example B: See how each campaign ranks in cost per click. How do they trend over time?
Gain insight on specific ANSWER
Example A: Identify region and wine that have the lowest sales margin.
Example B: Identify the campaign that has the worst cost per click.
Drive immediate data-driven ACTION
Example A: Share analysis with regional and pricing manager to highlight issues. Raise prices accordingly.
Example B: Share analysis with marketing group. Rework lowest performing campaign.
Monitor performance and ALERT if underperforming
Example A: Set up daily email alert if price is entered lower than expected. Schedule weekly email of dashboard to ensure volume doesn’t drop with higher price implemented.
Example B: Schedule weekly email of campaign performance to ensure expected improvement is happening.
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