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analytics program enablement for growth-mindset organizations

Turning Data into Action

InsightFactoryThis week Forbes offered an excellent article on turning data into actionable insights. It was worth sharing precisely because TMA has been beating this drum for so long: data is only as useful as the insights that it provides, and because the article offered a series of very nice analogies to explain how this works.

Data is meaningless unless it helps make decisions that have measurable impact. Unfortunately, many decision makers are ensnared rather than enlightened by Big Data, preventing data and insights from making it to the front lines in relevant and useful forms. Too many Big Data projects are formulated without input from front-line operators, or consume so much time that the insight goes stale before it can be used.

In our experience, generating value from Big Data is a matter of connecting data to insights in a fast, repeatable way. Picture a factory. Insights are products–goods that are valuable because they are useful; data is the raw material from which the products, the insights, are made; and front-line operators are the consumers, or people who need to use the product.

The “insight factory” approach enables companies to sift through massive amounts of data quickly, run the right analytics, and provide relevant insights so people can take meaningful action. And we’ve seen top-line sales increase 5-15 percent as a result.

It’s well worth reading the entire article, which offers four steps for turning data into actionable insights.

If you’d like to learn more about producing your own “insight factory,” look no further than TMA’s training classes. TMA helps businesses just like yours close the gap between compiling a mountain of data and actually turning that data into actionable insights. Start by registering for TMA’s free webinar today.

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