Problem Solving With Big Data – 5 Steps To Success
Data is a powerful tool in your company – it’s a gold mine in the enterprise. But how can you make sure that you make proper use of the data that you collect, to solve enterprise challenges and boost profits? Find out with these 5 steps to your success!
1. Combine Data Sources
Enterprise data can come from many different data sources – your ERP, finance platforms, HR software, CRM system, POS solutions, websites, and more. We can combine data from all of these sources, using BI tools, to generate instant reports and visualize your data.
2. Use Data Analytics To Interpret Datasets
BI tools can be used to set the metrics and dimensions that are priorities for your company – but if you don’t know what metrics and KPIs (Key Performance Indicators) you are pursuing, you can simply use default settings, and fine-tune your metrics later.
3. Identify Problems – And Start Asking Questions
With powerful data analytics tools, it’s easy to screen out underperforming products and services, and understand the reasons behind them – for example, one store may sell a product effectively, but another may not. This could mean that the display location is incorrect, the store is less popular, and so on – you can analyze these specifics, and understand how to correct them.
4. Begin The Process Of Problem-Solving
After you have drilled down into the root cause of a problem, begin listing out the methods you can use to solve the problem – and the best choice will quickly become clear.
When you find main reason of the problem, try to list out all method to solve this problem as much as you can. You will find out what is the good choice.
5. Set The Right Priorities
If you find many problems, try to prioritize by using the 80/20 rule, which states that, for most events, 80% of the effects comes from only 20% of the causes. You can then prioritize urgent and important tasks, and those which will have the largest business impact.
Using BI tools to interpret your data can help you speed up your working processes, and become more profitable and efficient. If you’re interested in using BI tools, please contact us today – and we’ll help you get started!