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Analytics- Is it a Science or an Art?

  • By admin
  • September 17, 2012
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Analytics- Is it a Science or an Art?

In case if you have planned to implement analytics in your strategic process, what you must understand is that it is as much science as it is a form of artwork. It is certain that as soon as we mingle up art and science together to denote analytics, the whole term might sound too confusing to you. Let us make that crystal clear. Analytical skills need strategic planning and scientific research in order to bring about a fruitful solution. But if we consider the aspect like the fashion of implementation of scientific analytical decisions in such a way that would save cost but boost profitability, art comes into play.

Now, let learn the key factors that together create scientifically researched and artistically implemented analytics for making business enjoy all round profitability.

Precision in Observation

Unless you observe the industry and its reigning trends, your analytics will never be a potential one. It needs to be indicated that observation flows through two broad tracts- One is when you have to be precise with the process and carry out an inspection of the trends, consumer behavior and market position and gain substantial knowledge about the entire scenario, and the other is when you record each and every data that you receive from the introspection via scientific tools. Obviously, the second phase is vast and requires specialized knowledge of statistical softwares and tools.

Trial and Error Hypothesis

This is another great practice followed by futuristic analysts. What they do is that, after thorough analysis of the market and segregating the issues that each sector faces, they design a couple of model solutions. Next, they implement each of them in their own calibrated condition so that they can understand a couple of things like which can be the ideal solution for a particular problem, why did a particular solution emerge and several such vital technicalities. However, you need to take into consideration two important triggers that are necessary for this trial and error hypothesis – exclusive solutions and comprehensive set of hypothesis.

Investigation of Theories

Instead of being generic, service providers who are pinpointed towards the industry related issues and able to provide apt solutions to these fixes emerge as the mostly trusted ones.  So, you can assume that instead of formulating hypothesis and implementing them just like that, or being eternally faithful to the once-developed analytics without surveying whether they will still be fruitful, the analysis is supposed to be highly systematic. Therefore, such dependable concerns make it a point to carry our periodic investigations on the already existent hypothesis as well the ones that have been taken up lately.  Finally, through the process of approval and disapproval, the best hypothesis gets selected.

Open to Learning

You might have grown up with an old proverb that you are never too old to learn something. This acts as a motto for the trusted service providers who are famous for their reliability and consistency in providing award-winning analytical solutions. They always keep themselves open for new threats and the steps taken by other players in order to combat the same. They are flexible towards learning new things, which eventually sharpen their analytical skills further and make them even more promising entities in the industry.

We, at Market Quotient, have a clear understanding about the entire analytical process and can be of great help to you on various issues regarding the same and its dexterous implementation. You can write to us at contact@MarketQuotient.com to know about analytics and various other offerings connected with it.