To outsiders unaware of the logistics of business, analytics seems to merely be a scientific approach. The alchemy of analytics is often overlooked and although is a measurable business metric, it has also been proven to be an art.
Scientific Point of View
In order to quantify performance, analytics depends on business intelligence that relies on statistics, computerized data analysis, and methods of integrated technology. Analytics, in this definition, is combining the components of technology and business tools to produce measurable results that pertain to computerized analysis hidden to the human eye.
In science terms, analytics is a complex technology that often refers to volume, units, price, and can categorize and simplify data to make it understandable. It finds the holes in data and allows the reach for further inquiry. As a science approach, it is the first step to a research objective. Analytics is central quantitative communication, and because of this it is a business alchemy.
Data Analysis Requires Artistry
“Computer programming is an art, because it applies accumulated knowledge to the world, because it requires skill and ingenuity, and especially because it produces objects of beauty”. Scientific investigation is crucial to the steps of data research, but even more pivotal is the knowledge that is applied afterward. Data analysis is also an art and the business professionals associated with the beauty of this line of work are digital artists of the 21st century.
The practical application of analytics on a creative scale makes scientific metrics credible and further allows the sprouting of knowledge. Data analysis illustrated for primary and secondary research is the beauty of sharing the art of data. For your own research, I would recommend to learn and utilize the worlds leading analytics platform, Tableu. Tableu allows you data to be easily converted into beautiful visualizations that can be customized according to your business.
Now that we fully grasp analytics from both ends of the business sphere, I want to give a quick run down of the necessary fundamentals for anyone in business with this quick go to toolbox.
- SCIENCE: Measuring the volume of a business during an allocated time frame.
- ART: Creating a visual graph of the volume metrics in order to complete and share your learnings.
- SCIENCE: Business intelligence finds that a certain department is not performing as high as others.
- ART: Understanding that department is lacking modern computers in order to generate the same results as others.
- SCIENCE: Why did Store X sell more units as opposed to Store Y?
- ART: Store X is located in Florida, where there is a higher hispanic demographic (your target audience) as opposed to Store Y which is located in Kansas City, Missouri.
Sharing My Knowledge
In my line of CRM, software systems like Salesforce and Hubspot are a perfect example of analytics as Sci-Art. The computerized technology allows me to manage and consult leads effortlessly by storing their information in one centralized platform. This makes it easier for me to gain insights provided by visual data art, which I then am able to close more sales, and have a better understanding on where a certain lead needs more rapport in order to build relationships for my business. Thank you analytics!