312-253-4321    Get SUPPORT

Alchetec Blog

Analytics Can Fool You

Analytics Can Fool You

Businesses today are doing more than ever to utilize the data they take in, and it shows. They are operating with more knowledge about their business, and thus are able to successfully create a usable knowledge base that, for some, will allow them to predict positive and negative market dynamics fairly accurately. After seeing how this platform can positively affect individual businesses, many other businesses are taking to the strategies. The problem that many businesses encounter, however, is that they are woefully unprepared to utilize analytics; or, they read too far into them. Today, we’ll take a look at data analytics and confront some of the problem's businesses are having.

Are You Prepared?
The first thing that you have to understand about the placement of a data analytics system is that you need to have a reliable silo of information in which to work from. If you don’t set this up properly, the analysis will not be thorough enough to properly represent your business’ operations and will therefore not be as reliable as you would typically want this type of analysis to be.

To get reliable analysis through analytics, you will first want to set up a data warehouse. A data warehouse is essentially a database that is fed by your existing databases. By having all of your business’ information in one spot, it will make your analysis, whether it’s conducting analytics or intelligence reports, more accurate and reliable.

Reading Analytics
Once you have your analytics platform set up properly, you are ready to run reports. There are a couple really simple, but crucial, mistakes people routinely make when reading their analytics reports.

  1. Correlation Doesn’t Always Mean Causation - There are times when you will be looking at two metrics and they are so amazingly similar that it can’t possibly be a coincidence. You then discover that the two seemingly correlated variables have no direct (or indirect) relationship with each other. It’s important that you don’t read into every similarity.
  2. Make Sure to Keep Everything in Context - When you are actively using analytics and you start making headway in one facet of your business, it can be intoxicating. Make sure to not transfer a false optimism that other numbers will react the same way if the indicators say they won’t.
  3. Just Too Much - Whether you are just tracking too many metrics, or you are tracking some that are completely meaningless for your situation, wasting time with certain metrics is just convoluting your practical understanding of your business. Scale it back for more success.
  4. The “Wow” Factor - Metrics that report very positive or very negative situations will always be alarming, but if they are reported very infrequently, you can consider them outliers and exclude them in your overall report.

It’s great when you decide to let the data your business collects work for you. If you would like some information about how to integrate data analytics into your business’ call the IT professionals at Alchetec today at 312-253-4321.

With Phishing Attacks Beating 2FA, You Need to Be ...
Tip of the Week: Understanding Bandwidth


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Sunday, August 25 2019

Captcha Image

Subscribe to Our Blog!

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Security Tip of the Week Technology Best Practices Business Computing Cloud Productivity Network Security IT Services Data Backup Hosted Solutions Malware Software Privacy Hackers Email Data Outsourced IT Internet Computer Microsoft Data Recovery IT Support Productivity Innovation Managed IT Services Business Ransomware User Tips Tech Term Cloud Computing Hardware Efficiency Business Continuity Collaboration IT Support Backup Windows 10 Mobile Devices Small Business Business Management Google Managed IT Services Paperless Office Android Phishing Upgrade VoIP Remote Monitoring Communication Workplace Tips Disaster Recovery Server Save Money Office 365 Internet of Things Data Management Managed Service Provider Smartphones Cybersecurity Managed IT Smartphone Browser Artificial Intelligence Communications Encryption Mobile Device Passwords Help Desk Holiday Quick Tips Social Media Windows 10 BYOD Compliance Microsoft Office Risk Management Government Document Management Saving Money Windows Laptops Applications Business Technology Training Facebook Managed Service Wi-Fi Employer-Employee Relationship Automation BDR Virtualization Antivirus Recovery Network Vendor Management Vulnerability IT Management Scam Healthcare Analytics Project Management Processor Chrome Infrastructure SaaS Tip of the week Blockchain Telephone Systems Information Bandwidth Unified Threat Management File Sharing Password Apps Files Going Green Maintenance Money Word Regulations Customer Relationship Management Data Storage Politics Website VPN Miscellaneous Router RMM Access Control Virtual Reality Windows 7 Work/Life Balance Bring Your Own Device IT Service Office Wireless Data Security Hosted Solution Mobile Device Management Firewall Robot Data loss Storage Avoiding Downtime Gmail Two-factor Authentication Tablet App Consultation Samsung Uninterrupted Power Supply Mobility How To Monitors The Internet of Things Redundancy Network Management Gadgets Chromebook Twitter Proactive Big Data Server Management Unified Communications Settings Employees Health Flexibility Users Networking Social Smart Technology Customer Service Machine Learning Management Remote Computing Printing Remote Monitoring and Management Net Neutrality HIPAA Downtime Electronic Medical Records Virtual Private Network Outlook Remote Workers Digital Payment Upgrades Operating System Internet Exlporer Identity Theft Computers Licensing IoT Software as a Service Computing Cooperation Assessment Alert Mobile Security Display How To Monitoring Patch Management Company Culture Safety Superfish Solid State Drives Black Friday Motherboard Cybercrime Asset Tracking Theft IBM Multi-Factor Security Hotspot Recycling Favorites Teamwork Migration Development MSP Permission Servers User Error Projects Fraud Utility Computing GPS YouTube Electronic Health Records Database Hacker Black Market Google Maps Search Authorization Proactive IT Computer Repair Crowdsourcing GDPR Dark Web Screen Reader Information Technology Consulting Notes Mouse Operations Managing Stress Conferencing Shared resources Notifications Options Cyber Monday Mobile Computing Travel OneNote Financial Hacking Google Calendar Botnet Language eWaste Supercomputer Physical Security Chatbots Cables Content Filtering History Test Printer Sports Return on Investment Tracking Network Congestion Cyberattacks Voice over Internet Protocol Touchscreen IT Consulting Data Warehousing Smart Tech Corporate Profile Humor Managed Services Provider PowerPoint Comparison Business Growth Wearable Technology Enterprise Content Management End of Support Meetings OneDrive Wireless Internet Solid State Drive Cortana Employee-Employer Relationship Procurement Trending Legislation Computing Infrastructure IT Budget Identity G Suite Cabling Websites Telephony Active Directory Cost Management Digital Education Read Only Vulnerabilities Wires Zero-Day Threat Data Breach Microsoft Excel Connectivity Computer Care WannaCry Office Tips Point of Sale Professional Services Specifications Automobile Instant Messaging Manufacturing Google Drive Employer/Employee Relationships Distributed Denial of Service Modem Taxes Hard Disk Drive Security Cameras Spam Emoji Alerts Enterprise Resource Planning IT Solutions Processors WPA3 Statistics SharePoint Windows Server Hard Drive Spyware Transportation Firefox IT Technicians Geography Backup and Disaster Recovery Technology Laws Legal Law Enforcement Bitcoin E-Commerce Virtual Assistant Mail Merge USB Finance Hard Disk Drives Techology Personal Information Proactive Maintenance Managed IT Service Cookies Unsupported Software Remote Worker Shortcut Private Cloud Mobile Lenovo Social Networking Disaster 3D Printing Fleet Tracking Tech Terms Bluetooth Downloads Update User Management Cache Bookmarks Mirgation High-Speed Internet Software Tips Human Error Heating/Cooling Augmented Reality Unified Threat Management Gadget Current Events Permissions Star Wars WiFi VoIP Dark Data Features Wasting Time Address Apple Social Engineering Authentication Wireless Technology Time Management 5G Disaster Resistance Virus Database Management Break Fix Nanotechnology Mobile Data ROI Tech Support Technology Tips Staff Hard Drives Marketing Budget Public Cloud Competition IP Address Cleaning Hacks Motion Sickness Mobile Office Emergency Domains Relocation Hiring/Firing Printers Sync Public Speaking Staffing Fun Presentation IT Consultant Lithium-ion battery CrashOverride Students Mobile Device Managment Regulation Error Administrator