Starting to love data analytics is the 43rd reason to go beyond TEM and manage the enterprise digital footprint.
As an IT manager, you need an array of different data sets to help you in your IT decisions and in shaping your IT strategy. A key component to making informed business decisions is using best practices for data analysis and interpretation. Different kinds of data analysis, like business intelligence or business analytics, can help. Here are 7 great data analysis tips.
Know Your Objective
You might be tempted to use all of the data you’ve collected for a particular campaign. Sometimes this can do more harm than good. Less than 0.5% of the data we collect gets used at all! But a key to getting a clear picture of your data is knowing what you’re looking for before you begin an analysis. Have a clear path in mind.
can be a little tricky, and often end up either being totally disregarded, or over-analyzed. The best approach is to take them into account, and try to figure out where they came from. But more importantly, outliers should never be considered on their own. They must be assessed as part of your bigger data set, in order to figure out if it’s an error in your processes that needs resolving, or just a fluke.
In order to get the most out of your data efforts, you’ll want to keep an eye out for patterns and commonalities. These patterns will facilitate your analysis processes and report production. To figure out which of your initiatives are the most effective, you need to know which ones are bringing in results, and which ones are not. Following trends in your data will help you identify what’s working and what isn’t.
Practice Makes Perfect
Nothing can be a success overnight. You will have to analyze a lot of data in order to get more comfortable and ultimately identify patterns. It will get easier with time and practice. Remember: each chunk of data you analyze gets your closer to finding trends and optimizing your reports.
Focus on What Matters
It’s easy to become bogged down with an overwhelming ton of data. For example, only consider metrics that add to your strategy, that have a clear purpose, or that are most relevant for your team members or managers. By focusing down your data, you avoid having to needlessly sort through data.
Visualize and Centralize
Find a way to efficiently visualize and centralize your data. By having your data set out for you in a clear-cut dashboard, conducting analyses becomes significantly easier. You’ll want to build or invest in a dashboard that allows for configuration of the most optimal metrics for your needs. Have everything important front and center, in an organized fashion.
Invest in Clarity
Certain telecom expense management solutions will offer great visualization tools that pull your data together into organization dashboards. Businesses can benefit from a TEM solution, as it allows you to keep track of and optimize costs for all of your technology services and assets across the board. Having the added help of actionable data analytics can make the process of understanding your data that much simpler.
AUTHOR: Victoria Lewin