Advancements in data analytics have R=revolutionized how information can be used in everyday decision-making. Yet, conventional wisdom still prevails that our instinct is far superior to any data that might be at our disposal.
This conflict between our “gut-intuition” and data-driven decision-making is not new, but can be seen in virtually all aspects of life. Take sports, for example, The famous statistician Bill James created algorithms to estimate the value of certain types of traits among players. Using this data, the team could select players that best matched the statistical profile. For instance, players that had a high on-base percentage were valued over home-run hitters or base stealers. This approach challenged conventional thinking because the baseball management loved to rely on scouting to visually evaluate a player as a 5-tool guy—speed, power, hitting for average, fielding and arm strength. Statistics were less important to the scouting process than the overall gut intuition of the staff. If this story sounds familiar, it was most famously portrayed by Brad Pitt in Moneyball. Because this approach was less popular than the “5-Tool” inventory, a team could get undervalued players who best fit the system. The movie portrayed the Oakland “A’s”, but several other teams have highly succeeded using this system, such as the Boston Red Sox and the Chicago Cubs. Both teams successfully ended decades-long World Series droughts.
So, what does this have to do with business? Well, many business leaders in organizations also use their “gut” as the key factor in the decision-making process. From purchasing new equipment, to deciding upon new marketing campaigns, gut feeling is king. Who knows your clients better than you, right?
Well… by taking a few simple steps, you can harness the power of your data to Save money, increase revenues, and sky-rocket your client satisfaction. The first step is to work with those who know how to organize data to uncover trends and patterns that can build your economic strategy based on factual information about your organization. Think about this way, we blend your insights with objective data, like a fisherman decides what lake to cast, but then uses electronic depth finders to locate fish and top-shelf equipment to bait and hook the big catch! Our successful strategy is based on these steps:
- Extract: Identify key data sources and elements
- Transform: Merge raw data into analytic files
- Data Mining: Run algorithms to uncover relationships
- Evaluation: Put the data in context for meaningful insights.
The Bottom Line: We value your input at every step of the way ensuring that the strengths and limitations of all the data elements are known. We work with you to identify strategic goals for your business, and decide which data will lend the most insight. Our team has the experience and expertise to implement this approach within your business environment, all at a cost and timeframe that is tailored to your needs.
Contact us at: 866-853-7828 or info@kingfishstat.com