Thursday, January 12, 2023


Information based analysis can make a big difference in improving decision coherence and achieving high performance.

Nowadays, the business environment is dynamic, forward-thinking companies leverage information-based analytics to provide business foresight and customer insight about upcoming opportunities or risks. 

In the information based society, what used to be called intelligent organization are designed to transform unevaluated information into information whose accuracy and authenticity are verified to generate business foresight or customer insight for increasing business values constantly.

Build the experience and competence in data based analytics: Information analysis involves quantitative reasoning and interpretive power to capture business insight. It's a strategic imperative to refine and integrate information management cycles with logical processes by using the right tools to understand your data needs, remove redundancy, and your data more responsibly, refine information into fresh insight to improve decision effectiveness.

Technically, data cleansing has always been a challenge; information management involves making sense of raw data, processing, analyzing, and deriving actionable information effectively, to ensure people get the right information to make right decisions timely and lead changes promptly. Running a real-time organization requires referential integrity, to ensure information synchronization and business agility.

Understand what to do with the analysis result; how you can capitalize on it and put it into process: Information-enabled processes are more intelligent and information-intelligent business is more innovative. Advanced analytics can help the organization collect feedback, analyze context and quickly draw an inference from unstructured enterprise data and convert them into actionable customer insight.

The better decision engineering approach is to embed analytics in decision making systems. Leverage good information, processes, and other decision tools as a "corporate knowledge base" to help make better decisions and solve problems effectively. The real-time information can bring business insight and foresight, enable organizations to see the future clearly; enhance businesses competency, re-imagine growth, delight customers, and keep doing things innovatively.

It’s important to define the set of key performance indicators to measure the return on investment:
Analysis is the right tool to weigh varying factors in decision-making and improve management effectiveness. When selecting the right set of metrics for cost optimization, ask whether the metrics can reveal anything meaningful for the identified purpose, and ensure the management buy-in.

Selecting the right performance indicators is one of the most important steps in measurement by clarifying why you are choosing that, how you will use them, and whether you have enough resources to manage data effectively. Quantifying the impact of analytics in some form should always be possible. Sufficient time and resources must be budgeted to allow the data to be properly prepared in advance of any analysis. Without that, management will have unrealistic expectations about the timing and ROI of results. Total investment on analytics and incremental revenue generated by analytics can improve business intelligence competency.

Businesses need insights that drive real value, data science is only one of many enablers, and decision science could put more focus on decision analysis. Information based analysis can make a big difference in improving decision coherence and achieving high performance. To broaden the perspective of running a consistent business, there needs to be a baseline process defined across the organization to allow for consistency of the rating, look for consistency in information, teams, in organization as well as in their ecosystem


Post a Comment