Analytics is the key to success!

By Peter Nguyen

We live in the Information Age, they say, and that means only by increasing our analytical capabilities can we succeed in processing information effectively and making good decisions.

Here is a framework that can help you to analyze better: SAQA SEPO.

  1. Optimization – “What’s the best that can/should happen?”
  2. Predictive modeling – “What will happen next?”
  3. Extrapolations / trends – “Will this trend continue?”
  4. Statistical analysis – “Why is this happening?”
  5. Alerts – “What action(s) should be taken?”
  6. Queries / drilldown – “What is the real problem here?”
  7. Ad hoc reports – “How many, when, where, how?”
  8. Standardized reports – “What’s happening?”

As you go up the list (i.e. from 8 to 1), you will need more intelligence (or training/coaching) and as a reward, you will increase your effectiveness and competitiveness.

This is the argument advanced by the authors of “Competing on Analytics”, from which I borrowed the above list.

For example, let’s say you want to improve your financial knowhow so you can save more, invest more and prepare for a better future.

You would need to start at the bottom, asking yourself regularly (i.e. every week), “What is going on? What am I spending my time and money on?”

Then, you would move up the list and eventually reach the level 1 (Optimization).

(To be continued)

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