A metric is a measurable and quantifiable way of reviewing the qualitative and quantitative information (datasets) about your business, or the external factors that impact success.
You can’t control what your data will say, but you can select the metric scopes that you use to track, monitor, measure and assess information, and the business decisions made.
Metrics are essentially what you measure the datasets to, and ultimately what you measure is what you manage. You must, therefore, make sure to focus on the main drivers that directly impact the health of the business and what will propel the company forward. Focusing on the best metrics can ensure that businesses discover the right information efficiently, so informed and appropriate decisions can be made.
You need more than just the raw data to be successful in data-driven decision making, and this is where many organisations fall short when they decide to bring this operation in-house. Data alone only highlights where the company sits currently in a particular aspect of business operations. Meaningful metric scopes give companies goals to work towards (for example, improving customer satisfaction scales) and allow for better results of subsequent projects.
Data consistency and quick data collection are important for analysis. If you cannot measure the data quickly or replicate its process, then you either have insufficient data, or you are applying the wrong metrics during the analysis. This will create unreliable results.
Great data analysts realise that analysing the data is the easier part of the process. The hard part comes when you hone in on what data is valuable and which metrics will encourage successful results for businesses and the objectives these businesses want to achieve.
Data analysts must also present metrics in terms that are understandable and usable for organisations who need to make quick and smart business decisions. Jargon-fuelled findings are not only confusing but invaluable. That is why Pansensic provide our clients with detailed conclusions that condense useful information into an easy-to-understand format.
We work datasets through a myriad of appropriate scopes, depending on the project objectives, for international organisations from varying industries. What these businesses have in common is the desire to understand how the experiences of their customers, staff and stakeholders can develop through the game-changing insights we provide, as well as the hunger to evolve their organisation and its capabilities to keep up with the fast-paced environment of today’s marketplaces.
If you want to discuss more about data analysis methods and how our services can improve your business decisions, get in touch with Pansensic today have a chat, or ask for a demo.