How Exactly To Select The Best Analytics Project For Today

The main concern for those who manage BI Analytics projects in the company is what topic to focus on next. There's never any shortage of worthy candidates and the options can seem overwhelming. The application of an established screening process is broken into a series of steps.

Find the root of your most difficult difficulties

It's likely to be easiest to begin with identifying the bi ggest issues. You may be falling short of sales targets, or your manufacturing operation is running inefficiently, or you're unable to find the right resources at a fair price point. It's likely that you know what these are, and you will not need to spend long time creating a list. But what's most important is not to get bogged down in the list right now simply get everything in writing -- the analysis will come later.

If the problem is a complex one, ask if it has an analytical component'?

So you have your list of issues. Now filter them to see which of them contain an element of analytics - this article is specifically on this topic. There are some problems where analytics won't be a factor. If your parent company in the world has implemented a policy change that is negatively impacting your business such as, say you're probably not able to determine if the application of analytics will resolve those issues. You want to narrow down your list of problems to the ones where analytics can help. There are many things you can consider like forecasting, market and customer segmentation, management of campaigns, and decision support. What's a tip? If there's a spreadsheet, or databases associated with the issue and analytics is involved, it's likely that they have some role to play to help solve the problem.

Find out where analytics fit into the process

Having whittled your list of challenges to the ones where an analytics may help, you must now define the point at which (or stages) of the business process could the application of analytics make a significant impact on the quality of decision making. Take, for instance, a national fashion retailer making a season-long collection of winter jackets to teenagers. At how many points in the process could data cross and require a decision? There is a good chance that you have sales data, loyalty card information as well as weather information and statistics. (There are more teens on the streets of Manukau than Tauranga, for instance). This is an excellent time to hire an analytics and insights professional, either in-house or outsourced.

1. Which of these choices can be improved with applying analytics?

2. How much could it be beneficial to enhance these decision-making processes with the help of analysis?

3. What is the probable price of the necessary assessment?

Make a judgment and evaluate

The goal is almost reached. You've identified big issues that need BI analysis. You've discovered the connection between data, decision making and business processes. You've analyzed the possible benefit of making better decisions and the analytics cost for doing this. Now it's time to do the maths. Put those projects on hold if the returns are going to be low or not at all. You have a better method to tackle the situation.

Your high-value initiatives analytics. And the final filter? When you have a number of choices but you aren't sure where to begin prioritize those projects that align the closest to your business' mission.