1. Identify Significant Events

By establishing and monitoring effective key performance indicators (KPIs), you can quickly identify drastic changes from the norm. For example, what changes occurred with a budgeted or planned activity? The significant event you evaluate may have produced positive or negative results. This process is commonly known as descriptive analytics, which focuses on gathering and evaluating current and historical data to understand WHAT has occurred. 

Once a noteworthy event or trend has been identified, it is time to investigate the data behind it. Drilling into the details behind a KPI or trend allows for quantitative or root cause analysis. Data analysts typically work closely with subject matter experts (SMEs) to understand the story their data is telling them. This process is commonly called diagnostic analysis, which explores WHY the outcome occurred.

Now that you have identified an event or trend to understand why it occurred, you can leverage this information to inform future decisions to correct or reinforce the observed activity. Actions taken, either corrective or reinforcing, should be monitored using KPIs to gauge effectiveness.

Having well-defined KPIs is the first step in proactively allowing key roles and decision makers to monitor critical business functions. Knowing when a noteworthy trend or event occurs is helpful, but understanding why is the 'secret sauce' to making evidence-based strategic decisions. Allowing analysts and SMEs to drill into the data behind your metrics turns notifications into actions. Contact us to learn how SysLogic can help you create enterprise analysis and reporting that helps tell your success story.