Making Cents with Data and Analytics - Patti Brownsord of Grounded with Data Drops Some Knowledge on Us!
Manage episode 417017818 series 3428357
Patti Brownsord is the partner and co-founder of Grounded with Data. Her company's tag line is "Improving your bottom line through concrete, actionable intelligence." She joins me to share her insight and discuss Data & Analytics' role in today's business environment.
Data and analytics (D&A) refer to the ways organizations manage data to support all its uses and analyze data to improve decisions, business processes, and outcomes. Let’s explore this further:
- Role of Data and Analytics in Business:
- The primary role of data and analytics is to equip businesses, employees, and leaders to make better decisions and improve decision outcomes.
- This applies to all types of decisions, including macro, micro, real-time, strategic, tactical, and operational.
- D&A can also unearth new questions, innovative solutions, and opportunities that business leaders had not yet considered.
- Progressive organizations use data to drive faster, more accurate, and more relevant decisions in complex and fast-changing contexts.
- Examples of Data and Analytics Use Cases in Business:
- Forecasting Risk During Surgical Procedures:
- Combine predictive capabilities with defined rules to mitigate the risk of infection during surgery.
- Optimizing Supply Chain Response:
- Forecast incoming orders for products and use optimization techniques to proactively respond to changing demand across the supply chain.
- This approach doesn’t rely solely on historical data, which might be incomplete or unreliable.
- Forecasting Risk During Surgical Procedures:
In summary, data analytics involves using data, techniques, and tools to identify patterns, trends, and actionable insights. These insights support informed decision-making and drive better business outcomes.
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