Validate the Analysis
Ready to ask more questions? Examining “Is it accurate?”, “Is it appropriate?” and running “what-if” scenarios will help you determine if your analysis is valid or on the right track.
Statistical analysis, inference and predictive modeling are applied to define and validate target parameters, leading to an optimal solution and model most aligned to your business goal.
Apply It to the Business
This is where all that data starts providing solutions to your business questions. You’ve deepened your insight and understanding and now can start making business recommendations and taking action based on your data analysis, visualization and models.
As you begin to measure outcomes and derive new insights, new questions will arise: “Was the action effective?” “Is a different decision or solution needed?” “What was the return on investment?”
Evaluating appropriateness, managing the value creation of your analytics project, and being able to identify and emphasize the success factors are all critical to leveraging your analytics for a competitive advantage.
Remember, the business analytics cycle is continual. Your data model will need to be updated as the new insights and questions arise, and as your business needs change with new problems to solve and challenges to meet.