In fact, a major pain point for many organizations is how much money and time is wasted to connecting or figuring out which data sources to connect to. You'd be surprised at how much data lives scattered across diverse sources and is unavailable across multiple teams. The first step to perform the descriptive analytics and answer what happened is to gather all available data. Once you can access your data you can know what questions can be asked and what data is missing to gain an insight. You can't get actionable insights if you can't access your data. 3 Components Your Tech Stack Needs to Facilitate Actionable Data Insights 1. To figure out what is relevant by ensuring your data stack makes facilitates access to data, up-to-date synchronized updates for accurate data, and easy data exploration. To ensure your data answers questions that inspire action, the data you pull needs to be more relevant to your organization's business strategy and your technology strategy must be able to support your inquiries. Just grabbing data and having data is not enough. Prescriptive Analytics- What action to take.Predictive Analytics- What is likely to happen.Diagnostic Analytics - Why something happened.Each answer a different question that may reveal critical information on what action should be taken next. Again, not all insights are created equal, and getting to an actionable insight can be complicated. If you can do this that data insight is likely an actionable insight. One easy way know if a data insight is potentially actionable is to use the "and therefore" test- add the phrase "and therefore" at the end of a finding and then complete the sentence. But not all insights are created equal, and actionable insights don’t come from having more data. Data can be used to confirm suspicions, quantify the importance of existing knowledge, or provide deeper context to a problem. Generally, data insights enable informed decisions based on data rather than intuition and gut instinct. So what is the missing link from data to actionable insights? What is an Actionable Data Insight? In fact, Forrester reports 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action. Getting truly actionable insights is not straightforward- many organizations struggle to get regular actionable insights. These insights translate into concrete actions that make an impact. Actionable data insight is more than an empty buzzword.
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