Translating Data into Action: The Data/Action Tripod

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2024-04-03 18:00:04

You’re a director at a medium-sized company. The executive team has spent the past few months working on the strategic plan for the year, and now it’s time for the unveiling at the all-hands meeting.

With great fanfare, your CEO stands up to the podium. DATA-POWERED AGILITY flashes on the screen. The CEO proclaims that this will be the year of data. The room visibly deflates. One by one, each executive follows the CEO, talking about agility, data, and analytics.

In this post, we’ll look at what it actually means for organizations to be data-driven, and examine three types of strategies for using data: reporting, exploration, and prediction.

Today, organizations accumulate vast amounts of data. However, this raw data is challenging to act upon directly. To transform this data into actionable insights, organizations typically employ three general strategies: reporting, exploration, and prediction.

Reporting involves the systematic analysis and presentation of data to track performance, monitor trends, and make informed decisions. It provides a snapshot of past and current data, offering a foundation for understanding the organization’s status quo.