#Analytics, #DataScience, #BI: What does it all mean?

If you’re trying to figure out what terms and phrase like analytics, data science, business intelligence (BI), operations analysis, or other similar ideas; we’ll try to boil it down for you.

Each of these terms may have a special application to a certain type of problem, but they are all focused on using data to help you gain insight into your entire business environment. And your environment stretches across multiple lines or axes depending upon your point of view.

The customer axis is typically referred to as their journey or the funnel. Customers are seen to first have a faint idea of what they need, start looking, ask some questions, start to build up a set of metrics defining solutions to their problem, and then build comparisons between different solutions (sometimes products or services) that might solve their problem. At some point, they make a decision to buy or not. You’ll hear terms like “jobs to be done” at the beginning of this journey, and terms like “scenarios”, “use cases”, and “solution sets” at the other end.

Each of the stages of this journey offers different data sets to be analyzed and businesses often use them to determine if a customer is real, if they are interested, if they are likely to purchase, as well as what problem are they really trying to solve.

Another axis is through your business beginning with your product or service design team, your suppliers or partners, your own financial resources, your facilities and tools (hardware and software), your staff and their skills and experience levels, your organizational structure and policies, and probably many other elements. This axis is your fulfillment or supply chain activity, and there is much data available on its function.

An associated time-based axes is how your business delivers a product or service, then follows through with the customer, supporting them as the use your offering to achieve their goals, and then helping them to either sustain the capability or grow/shrink that capability to match their needs. This axis is typically called something like a through-life support plan. And, of course, there are special piles of data and analyses that go along with it, too.

These are three major axes of linked activity, and one can imagine many more, depending on the different types of product or service, the number of channels, customer segments, supply chain elements, etc. The point is that there is data available across many physical, logical/organization, and time-based or temporal lines running through your business. Tuning the interactions of these lines often determines whether a business grows or shrinks over time, and sometimes the margins for error are quite small, requiring frequent analysis of the performance to confirm you’re on the right path.

Delco Data Sciences understands these axes and the tools it takes to gather data and gain insights that can help your business operate efficiently and effectively. We’re here to help. Contact us and let’s talk about YOUR needs.

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