JASE Guest Blogger, Dean Knickerbocker, is the principal at Data Science Solutions, a Hampton Roads based statistical and quantitative consulting group. Dean’s goal is to help local businesses and organizations with the new emerging field of analytics and data science, and to provide a very personal, friendly and straightforward means of using mathematics to improve your business. He can be reached at firstname.lastname@example.org or via www.datasciencesolutions.net.
All businesses or organizations generate vast amounts data on a daily basis. But how many actually bother to gather, measure,asses and apply it to gain competitive advantage? Often critical choices are made without any guidance other than a hunch or feeling or feedback from a colleague. If a measurement tells you more than you knew before, it can be an important aspect of your decision process by reducing some of the uncertainty. Data Science Solutions is a Hampton Roads based statistical and quantitative consulting group specializes in methods to help your organization develop business metrics to improve performance, identify and fix problems and analyze options for reducing uncertainty about decisions.
At Data Science Solutions, our goal is to not only help you gather your data, but to turn it into information. Looking at data is one thing. Knowing what to do with it is another. We do so by helping you develop a set of business metrics that translates your data into information usable to drive your organization. Management guru Peter Drucker once noted “What gets measured gets managed.” This is certainly true, although in our view, business metrics can provide so much more including adding significant insight into your organizational clarity and of course improving your decision making.
Businesses succeed or fail based upon the decisions they make. Often times important decisions require a significant level of knowledge in order to achieve an optimal result. And just as often, businesses and organizations tend to make decisions when they are less informed then they could me. Without the proper input into a decision, resources can be misallocated or wasted, problems ignored, bad ideas accepted or even worse, good ideas rejected. However, decisions can be improved with the use of optimized measurements and metrics to better define the decision space and provide valuable inputs and guidance to the decision process.
The emerging fields of analytics and data science are helping organizations all over the globe become more competitive by collecting data, analyzing it and delivering the data as information that is actionable. Analytics can provide your business data-driven insight to help build competitive strategies and support smart decision making and effective execution. Your organization can start using these disciplines to improve performance, make better decisions, identify and fix problems and gain competitive advantage!