3 Tips to Turn Data into Actionable Insights

3 Tips to Turn Data into Actionable Insights

Modern businesses operate in a world of data. For many, it is so much that the immense datasets can seem overwhelming. 

While data is an asset, its value to your organization is determined by what you can do with it. Having data is great, but gleaning insights is how you make data work for your business. 

Using the right business intelligence tool is one step toward turning your data into insights, but the ways you use these tools will make a big difference. In this post, we are going to look at three tips that can help businesses get the data insights they need.

1. Assess the Data You Have

Getting a handle on the data you have is a good place to start. When you know the information you have, you will have a better idea of the types of data insights that could be available. It might also reveal gaps in your data that could be filled. Consider all of the data sources to which you have access, the tools you use to collect data, and the repositories you use to store data.

Once you know your data, you should also consider ways to integrate different data resources so they can work together. Many of the modern augmented analytics tools can connect with multiple data sources and systems to simplify the process of cleaning and unifying different data resources.

2. Know Your BI Users

Different users can have very different needs when it comes to data insights. Executives might just want the broader picture from different departments and department managers may only need the insights and data relevant to their area of the company. You might also have individual users who only have an interest in a narrow range of data insights related to the day-to-day work they do.

If a business is going to benefit from actionable insights, they need to make sure different users have access to the right data resources without overwhelming them with insights that may be irrelevant to their role. Assess the needs of different users, the types of decisions they make, the data insights they will need to make these decisions, and the different ways you want them to use data. With this assessment, you can then customize the experience to meet the needs of different users.

3. Focus on Your Goals

Having defined goals will be one of the best ways to get to the most meaningful data insights. With that said, the right goals will depend on the role of the user. As an example, a user from the marketing team might set the goal of increasing the ROI of ad campaigns. Once they have that goal, they would then develop a list of questions or KPIs that could be searched using the information to provide data insights that could help to reach that goal. 

When developing goals, you need to make sure you are aiming at a specific target and that it is something you can measure. Users should also prioritize the goals they set. Try to go after the goals that will have the biggest impact first. 

There is more to becoming a data-driven organization than having data and using analytics tools. You also need to know what to do with the data and how to find the right insights. With these tips, you can do more with the data insights available to your organization.

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