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Data Analysis as a Foundation for Business

In the first of our guest interviews we talk to Jamie Allan about data analysis and its foundational role in doing business. Jamie gets us to focus particularly on customer data and its importance for drawing up strategies. He also talks about making the most of our data with a tiered approach to customers including the 80/20 rule.

In “Doing Business Like a Grandmaster” we look at the steps that go into deciding upon which move to make. Data analysis is fundamental to this. We need to assess the position before us and understand what opportunities are available. This is true in both chess and business.

"Assessment is the vital first step towards formulating a strategy and plan of action. Acting without first assessing and planning risks that we are merely stabbing in the dark."

Joe Lenton ("Doing Business Like a Grandmaster", p.29) Tweet

Of course there are other types of data that a business might need. For example, sales figures, website analytics and the status of key performance indicators. Many of these will also come back to our customers. Website browsing data is all about customers and potential customers. Sales figures indicate what our customers are connecting with and wanting. Customer data in its various forms underpins what we do. If we aren’t informed by customer data then we risk our strategies being irrelevant. After all, without customers we don’t have a business.

Bar Chart chess piece - symbol for data analysis

Are you driven by data analysis?

What data do you need to formulate strategies for your business? Please do share your thoughts in the comments below.

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