Analytics is the discovery, interpretation and communication of meaningful patterns of data and is most valued when aligned with historical information.
Analytics depends on prompt and validated statistics. Organizations may apply such insight into data to describe, predict and improve business performance or expansion.
This is crucial in assessing marketing optimization and trends, which are invaluable in the interpretation of expense, marketability and sustainability. Also valued is the insight into credit risk, fraud and market security.
This is more than merely a collection of data. It is using established approaches to provide a precise application for a specific requirement, such as location, customer resources, client culture, workforce and procurement. Competition also is factored in.
Once data are gathered, the next step is how to apply the information to an organization’s objectives. There are a lot of findings to consider, which necessitates clear objectives – providing an intent and purpose that’s defined and understood.
The more the intent is in the foreground, the more likely you’ll know when you’ve achieved your objective.
Avoid rushing to conclusions. Allow a complete and thorough data analysis to unfold.
VALUE FOR CUSTOMER
As valuable as the data are, they do not singularly connect you to your customer. You must start with the needs of your customers and focus on creating value for them, all the while remembering they, like you, are caught up in the dynamic of the unknown.
This means an evolving state of fluctuation and uncertainty.
This ultimately requires you to validate and update marketing approaches, thereby providing a more holistic view of customers’ needs and market trends.
Working in harmony with your customer will promote a solid and long-lasting partnership. It’s always primarily based in relationship.
UNITED FOR A CAUSE
Relationship in this context goes beyond affinity and social etiquette. This is you and your clients or customers united in partnership for the creation of a better result.
You are joined in a common cause, accomplishing more together than separately. It may take the form of you and your client designing an objective together to produce a better outcome, which is always more effective than telling the customer what he needs.
Your input, along with the customer’s intention, likely will create a more successful and effective plan.
This sort of partnership of mutual respect and reliable data builds a lasting platform of trust that survives the ebbs and flows of a business environment. The ultimate outcome of this partnership is you become joint stakeholders in each other’s success.
THE HUMAN TOUCH
We have excellent technology to help us work more effectively than ever before. These tools are accurate, fast, reliable and indispensable.
Analytics minimizes the guesswork of planning. Yet it is not a substitute for human interaction.
When technologies are aligned in cultivated relationships, they are invincible, regardless of the organization’s size – a one-person business to an international conglomerate.
When the key ingredients of a relationship – honor, respect, competence and generosity – are merged with advanced technologies, the consistent outcome is success.
To ignore the impact of technology today is unwise and risky. At the same time, to ignore the relationship component puts you in even greater peril.
Jon Craighead, president of Craighead Associates LLC (www.craigheadassociates.com) of Pocono Pines, has more than 20 years of experience as a consultant, working with senior executives in Fortune 100 corporations to sole proprietorships. Serving the Poconos and northeastern Pennsylvania, he can be reached at firstname.lastname@example.org.