The recent and most imposing focus in the IT sector that in the coming years is going to play a decisive role is on the analysis of data that can be put into well defined action geared towards specific results. This analytical framework commonly termed as actionable analytics is in the air for quite some time and business analysts and IT experts across the world are working in various measures to determine various practicing guidelines of actionable analytics and how it can be more useful for definite outcome in various commercial sectors. By many considerations the huge volume of data that we produce everyday across the web space and other media and tech gadgets is just beyond comparison in regard to available analytics to take the whole volume of available data under the scanner of various analytical purposes. Consumer research bodies and business analysts of different sectors till date are only capable to use only a miniscule amount of data for specific actionable decision making. Thus to our amazement volume and overabundance of registered information is the biggest challenge for the present day actionable analytics.
Accessing relevant data in context to the specific business need and analyzing them through various parameters and tools to come to specific insights that can further lay the foundation for specific actions; this is the process of data analysis behind some crucial business decisions and is defined as actionable analytics. Let us exemplify the idea of actionable analytic through some concrete real life instances.
Say for instance the management of a retail chain wants to take some strong actions to tame the burgeoning trend of decreasing sales and merchandise movement. As to begin with what they can do is to gain access to the great volume of data across various categories and niche segments concerning product movement, customer satisfaction, customer turnaround, buying habits and tendencies, impact of various promotional activities and overall industry experience and other best practices with the competitors that they are lacking. Analyzing this huge volume of data in separate categories definitely would provide some insights as to comprehend the reasons behind the decreasing sales and product movement that further can be put into definite action geared towards taming those weak areas analytics unfolded to the management. If you know what is lacking, what particular areas are responsible for the under-performance, naturally it would direct you towards the actions to be taken and the priorities to be fixed. In precise this analytics geared towards proper actions in different context is called actionable analytics.
Why Actionable Analytics is so important now?
Just think of all those attributes of a company that used to be considered as dominating and competitive to gain better edge in the market. Innovation, cutting-edge technology, real time and superior services, high end product design, market penetration with round the corner availability, being local or being global and many such qualities that we used to use to boast off a brand or service are no longer valid. It is now typically a level playing field for the competitors with equal standard of innovative mechanism, technology, market penetration, services, product design and most important of all everyone is now equally global and local. So as you just cannot boost of your business on such old parameters of improvement. All that remains is to go deeper into the minds and hearts of your clients through analysis, insights and reciprocating actions. This is the precise reason why actionable analytics is so important in our time and for coming future.