FM7

Question 1

Data collection.

Answer 1

You collect all kinds of raw data onyour business operations from different sources.
Much of this data will be generated automatically regardless of whether you want it or not. Some of your data may require thought and effort (strategy) to be captured correctly so it can address critical business questions.

Question 2

Data preparation.

Answer 2

Before you can use your data, it must be cleansed, combined and formatted for reporting and analysis purposes. Without accurate and consistent data, it’s going to be difficult to obtain valuable insights from what’s collected.

Question 3

Data visualization.

Answer 3

To monitor business performance, your data must be visualized in reports and dashboards. By sharing this summarized information throughout your organization, managers and employees will be able to observe how different aspects of the business are performing.

Question 4

Data analysis

Answer 4

To gain deeper insights into the
business, your people will need to explore the data for potential issues or opportunities. An iterative process of data discovery will help your organization unlock insights that can lead to enhanced business performance.

Question 5

Insight communication.

Answer 5

To ensure the insights drive the right decisions and actions, they must be communicated effectively. Data storytelling opens the audience’s minds to new possibilities, using engaging narratives and clear visuals to explain key insights.

Question 6

Take action.

Answer 6

The last crucial step is to decide which
insights should be pursued and then implement the necessary changes. In some cases, you may deploy a test first to verify the results before making
wholesale alterations. Regardless, you’ll want to assess the results after each change and learn from them.