You're a business strategy consultant. How can you be sure you're using the best analytics tools?

1. Knowing what your (potential) objective is will define how you perform and analysis and view the data 2. Data can justify any decision if you look for the data to do just that. 3. Data will not be looked at after you find insights and move forward on actions. Make sure you evaluate the implications of the decision as part of your analysis. Success and failure do not care what the data says.

The first questions I ask myself (or any team member) when trying to understand a scenario are: - How wide do I need to look to understand this problem? Is this just about my company? Is it about my company's market? How wide do I go? Use that answer to define where you source data. - Second question - can I quantify what happens if we do nothing about this problem/scenario/decision? If you can't quantify status quo, making compelling case with data is great - but only half the picture. - Third question - can I design an experiment around this to test if the hypothesis and solution I've gathered from data is correct? In real business decision - stakeholders need answers to all three of these to take action.

Effective analytical strategies predominantly focus on minimizing expenses and amplifying revenue streams. Expense reduction typically encompasses three primary areas: workforce optimization, capital expenditure management, and vendor relationship streamlining. Conversely, revenue enhancement primarily involves bolstering marketing efforts, sales performance, and customer service excellence. To facilitate informed decision-making and efficient analysis, it is essential to maintain well-organized, easily accessible flat file databases in a cloud-based environment, ensuring these critical data resources are readily available to analysts and key decision-makers.

In my view, clearly outline your business objectives and the specific goals you aim to achieve with analytics. Whether it's optimizing processes, improving decision-making, or gaining insights into customer behavior, a well-defined objective will guide your tool selection.

As a business strategy consultant, we need to use the best analytics tools that can help we collect, analyze, and present data in a meaningful and actionable way. There are many factors to consider when choosing the best analytics tools, such as: - The type and size of data we are working with - The business problem or question we are trying to solve - The level of complexity and sophistication of the analysis we need - The budget and resources available for the project - The skills and preferences of the users and stakeholders - The integration and compatibility - The security and reliability of the tools and the data Some of the best analytics tools are: - Power BI - Tableau - Qlik Sense - Looker - Klipfolio - Domo

An often overlooked aspect is the critical role of evaluating data sources thoroughly when selecting analytics tools for business strategy. In a recent project, we faced challenges due to disparate data sources. Although the chosen analytics tool was powerful, the inconsistency and incompatibility of data hindered the effectiveness of the analysis. This experience emphasized that even the most advanced tools can fall short if the underlying data sources are not carefully examined for accuracy, completeness, and alignment with the strategic goals.

Analyzing data begins with assessing its source and it is very critical to evaluate; otherwise, it could be "garbage in, garbage out". Identify and assess the types and sources of data crucial for achieving your objectives. Check for data quality and data accuracy. Ensure that the analytics tools you consider can effectively handle and integrate with these data sources. Compatibility and accessibility are key factors in this evaluation.

Rigorously assess the quality, relevance, and reliability of your data inputs. A comprehensive understanding of your data sources enhances the accuracy and credibility of analytics outcomes, vital for informed decision-making.

This isn’t necessarily relevant to choosing an analytics tool. Typically analytics tool decisions are made based on price and features like ability to self serve (if empowering business users is a priority) or making insights available and actionable in real time outside the tool. Availability and quality of data sources is an upstream issue not really relevant to analytics tool selection.

Avalie cuidadosamente as fontes de dados disponíveis. Entenda a qualidade, a consistência e a confiabilidade dos dados que você possui. Esse entendimento influenciará a escolha das ferramentas, garantindo que elas se integrem bem e forneçam insights precisos. Além de avaliar a qualidade das fontes de dados, obtenha feedback da equipe sobre suas preferências e necessidades relacionadas às fontes de dados. Isso ajudará a garantir que a escolha da ferramenta seja compatível com as fontes de dados existentes e futuras.

A crucial skill for a consultant is the ability to evaluate different tools, as clients consistently pose questions about it. This is what I did to evaluate tools in my project engagements, research and compare various analytics tools available in the market. Consider factors such as features, scalability, ease of use, integration capabilities, and pricing. Create a matrix to objectively compare these aspects and align them with your defined objectives and data requirements. Simple and very effective!

Realize uma análise comparativa entre diferentes ferramentas disponíveis no mercado. Considere critérios como funcionalidades, facilidade de uso, escalabilidade e custo. Uma comparação abrangente ajudará a identificar a ferramenta mais alinhada com as necessidades específicas do projeto. Na comparação entre diferentes ferramentas, leve em consideração a capacidade de análise preditiva e a compatibilidade com padrões do setor. Isso fornecerá uma visão mais holística das capacidades da ferramenta em relação às demandas do ambiente de negócios.

1. Research: Explore available tools, considering factors like functionality, user-friendliness, and cost. For instance, Tableau for visualization or Python for advanced analytics 2. Compare Features: Conduct a side-by-side comparison of features & capabilities 3. Trial Run: Test out top contenders through trial versions/demos, to assess usability & compatibility with existing systems 4. Feedback: Gather feedback on usability & effectiveness from team members/industry peers who have used the tools 5. Scalability: Consider scalability & flexibility for future growth to accommodate expanding data volumes & evolving analytics needs 6. Cost-Benefit Analysis: Factor in not just the initial investment but also ongoing maintenance & training costs

Conduct a thorough analysis of AI-powered analytics tools available in the market. Consider factors such as features, scalability, user-friendliness, and integration capabilities. A comparative evaluation aids in selecting tools aligned with your specific business needs.

So as a business strategy consultant, ensuring you're using the best analytics tools is akin to a chef selecting the finest ingredients. You start by laying out all the potential tools on your kitchen counter. Each tool, like an ingredient, has its unique flavor and purpose. Comparing these tools involves understanding their features, capabilities, and limitations. It's a process of meticulous tasting and testing, determining which one blends perfectly with the specific needs and nuances of your client's business recipe. This careful selection process is critical - the right tool, like the right ingredient, can transform a good strategy into a great one, ensuring a delightful outcome for your clients. As for the saying, keeping trying!

Implement pilot projects to test the selected analytics tools. Validate their performance against real-world scenarios and data. This iterative process ensures the tools deliver accurate, actionable insights, mitigating potential risks before full-scale implementation.

Conduct pilot tests or trials using a subset of your data to evaluate the performance and suitability of shortlisted tools. Pay attention to factors like speed, accuracy, and user-friendliness. Engage end-users in the testing phase to gather feedback on their experience and the tool's effectiveness in meeting their needs.

Antes de tomar decisões estratégicas com base nos resultados da análise, teste e valide-os. Execute análises de teste em conjuntos de dados conhecidos para garantir que a ferramenta produza resultados consistentes e confiáveis. Isso é crucial para garantir a precisão e a eficácia das conclusões extraídas. Além dos testes padrão, avalie a facilidade de customização da ferramenta. Ferramentas que permitem adaptações fáceis podem ser fundamentais para atender a requisitos específicos e mudanças nas estratégias de análise.

Leverage the extensive testing and validation results of the tool to make sure that it fits the purpose of showing reliable results. Perform benchmarking or champion challenger tests to prove performance under different scenarios: dense vs sparse data, shallow history vs long history, engineering performance, data science performance, processing the request and sending the response back in the production environment, visualization optics, etc.

Após escolher uma ferramenta de análise, é crucial testar e validar os resultados para identificar possíveis erros, inconsistências ou vieses. Na atuação com processos, projetos e inovação, é importante confrontar esses dados com outras fontes e ferramentas, assegurando sua validade e confiabilidade. Justificar os resultados com evidências e lógica robusta é essencial antes de qualquer apresentação, garantindo que decisões estratégicas sejam embasadas em análises precisas e confiáveis, promovendo inovação e eficiência.

Communicate insights with an interactive dashboard, with simple vs complex scenarios, to draw the attention and interest of the customer. Crafting visualization to suit the audience in an easy, precise way in a simple yet effective manner. Customize your communication strategy to the specifics of the stakeholders and goals of the business

I feel effectively communicating insights is the ultimate goal of utilising all the analytics tools. One should choose formats like reports, dashboards, or slides and employ visuals such as charts and graphs to convey the analysis. Crafting a message with language that resonates, focusing on key findings, implications, and recommendations that align seamlessly with the goals and expectations of topic is of utmost importance.

Broadening our perspective, reflect on the pivotal role of effective communication in extracting maximum value from analytics tools as a business strategy consultant. In a recent project, despite generating insightful analyses, the impact was limited due to ineffective communication. The complex data was presented in a format that didn't resonate with the client's understanding, emphasizing the need for aligning communication methods with the client's preferences and ensuring that insights are conveyed in a manner that facilitates informed decision-making.

Effectively communicate analytics findings to stakeholders using clear, concise language. Leverage the power of the LinkedIn community to share insights, gather feedback, and foster collaboration. Transparent communication ensures that strategic decisions are well-informed and widely understood.

É comum nos depararmos com situações em que vem à tona reações emocionais dos donos (especialemente em empresas familiares). Vivi uma situação bastante desconfortável nesta situação. Assim, a minha saída foi a de mediar e mostrar empatia. Ouvi atentamente as preocupações dos proprietários, buscando compreender sua perspectiva. Durante a apresentação, destaquei objetivamente os dados que sustentavam minhas conclusões, evitando desqualificar diretamente os processos existentes. Enfatizei a importância da mudança e inovação para o crescimento da empresa. Criei um ambiente de diálogo construtivo, destacando oportunidades de melhoria. Essa abordagem acabou por promover a aceitação de recomendações e a implementação de mudanças positivas.

Focus on your client's ROI and what metrics will drive your cost reduction guidance, and how will you collect those metrics. Also what will be the cost of your metrics collections tools, and the engineering lift to implement them. The analytics side is on you the consultant. It all starts with the metrics you collect first, and being an expert consultant in a specific domain, to know the relevant metrics you need to collect, to provide an actually valuable analysis and strategic guidance.

-Always communicate with the team in a very short periods to validate the results. -Test the Results practically. -Open side discussion with different people ( inside/ outside ) the industry. At the end, with many experiences and practical execution, we can choose the directional tool that guarantee the results. Also keep in mind, it’s not only about the perfect tool we used, it’s about the visionary of the Strategist, his ground experience, his humanity, his complementary point of view.

The best tools are those which facilate strategic insights. I.e. penetrating truths, Wow moments or deep realizations! The tools which interpet financial performance in the context of human behaviour will always trigger the best results. Analyse performance by asking the right question: what is the deeper root cause for this financial variable change? Example - an operating loss is rarely the result of external market forces but more often than not, management's reaction to a specific challenge. Procrastination or indecisiveness be the issue as opposed to a new competitor entering the market. Wow moment!

▪️Constantly evaluating the tools against your specific needs and the needs of your clients by comparing features, scalability, user interface, and the ability to integrate with other systems. #Tableau offers powerful visualization capabilities. ▪️Reviewing customer feedback and case studies, and participating in industry forums can provide insights into tool effectiveness and emerging trends. #Amazon, which has leveraged analytics tools to optimize everything from inventory management to personalized marketing. By benchmarking against such industry standards, you can validate that your chosen analytics tools are indeed the best fit for delivering high-quality strategic advice.

Outros Tópicos Importantes a Serem Considerados: 1. Integração com Sistemas Existentes 2. Suporte Técnico e Atualizações 3. Escalabilidade 4. Segurança e Conformidade 5. Treinamento e Adoção