August 15, 2012–The medical industry is known for using empirical evidence when making decisions concerning medical diagnosis, treatment options and preventative care. A recent LP Magazine article, “Data Analytics and Audit Research”, explains why the retail industry should take notes and begin using data analytics at their fingertips to create similar empirically supported metrics.
An example is given of what this should look like in the retail industry:
“Here are just some of the audit questions the LPRC’s Predictive Analytics Working Group…a retailer-led coalition…is working on:
- What should really be measured?
- Why should this be measured?
- How and how often should it be measured?
- What are meaningful and actionable performance ranges?
- Who should measure?
- How and by whom should follow-up action be taken?
- What performance rewards and consequences provide the best impact?
This working group is using sophisticated data analyses to help determine the best answers to some of these questions and others.”
As more industries realize the power of data analytics they will begin to demand that their analytics solutions dig deeper into data to create metrics that are similar to those found in the medical field. For those companies just beginning their data analytics journey and needing help in finding the right solution we recommend Digital Reasoning. A relatively young provider they understand the unique needs of small and midsized companies and offer their Synthesys platform as a solution that provides all the necessary data crunching tools and apps needed to do just what this article recommends.