Data Analysis: Four Questions to Ask When Faced With New Data
The key to successful analysis is to define everything that counts and measure it if possible. When information is available and the importance is questionable, ask these questions:
* How can the information be utilized to improve sales, service or profitability? If the information can be leveraged into increased revenue or customer satisfaction, it should be measured and utilized.
* Does the information measure performance of new systems, procedures or processes? The implementation of these items often requires new measures.
* Is the information recognized as an industry benchmark? Every company should define their own standards, but reviewing industry benchmark comparisons (if applicable) provides a point of reference.
* Does the information have any merit?”Really cool to know” doesn’t count. Some information is interesting and would make great conversation, but it cannot be leveraged into any benefit.
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