Not every manager knows how to use the data that their business is generating. Every second, new information is provided, but if it is not used to create better decisions for the progress of a company, it is being wasted. Certainly, there are several performance indicators within your own company, going unnoticed, and this can affect the growth of the business.
In a statement to Harvard Business Review, Thomas H. Davenport, co-author of Keeping Up with the Quants, describes the three main steps to create an analytical thinking. In addition to this work, the author was responsible for two other books, and more than a decade of research on the topic.
1) Frame the problem
Framing the problem involves defining the question you need to be answered through data analysis and identifing the decision you need to take. Probably there are some aspects of the problem that have been seen previously. It usually helps you identify it better. It is important to recognize the problem and review previous results.
2) Solve the problem
At this stage you must decide which variables will be your model, collect data that measure these variables, and then do the data analysis.
3) Present the results and take action
it is very important to communicate the results effectively, to make all the work done in the first two steps have any effectivity. Present solutions to the problem and act so that it is really solved.
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To watch the video with the full statement, click here.
