Decision analysis is critical for any business. You must be able to make the right decision right on time. Decision analytics require you to look at your data in the decision-making process. Being able to rely on your data can make this process easier and you can rest assured that you have made strides to better your organization. We have three best practices when it comes to decision analytics that will help you along the way. Intuition Analytics can be the opposite of intuition sometimes.
A lot of people want to trust their intuition, especially when it comes to business. But try this – listen to your intuition but verify it by looking at the data. Backing your intuition with facts is a great way to make sure your decisions are solid and in the best interest of the organization. Options When we set out to make a decision, we can be focused on choosing between ‘A’ or ‘B’. It’s very simple to think of things in this binary way. Challenge yourself to take a moment or two and you might find you have an option ‘C’ or maybe even ‘D’. Creating options for yourself while making decisions will lead to higher satisfaction with your choice. You will make the best decision possible because you have laid everything out on the table. Communicate Data is best communicated visually. This is the best way to communicate your analytics because it give the numbers more meaning and relevance. A great example is that anyone could tell you what the Grand Canyon looks like. It has browns and reds and it’s beautiful. But until you stand there on the edge of the canyon you don’t have a real sense for what it’s actually like. Visualizing your data is the most powerful way to communicate it.