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5 Essential Principles for Understanding Analytics

"Data, hardware, and software are available in droves, but human comprehension of the possibilities they enable is much less common. Given that problem, there is a great need for more education on this topic. And unfortunately, there aren’t a lot of other good options out there for non-quantitative managers who want to learn about analytics."

Data AnalyticsThis is where Austraffic comes in.  We can be your quantitative knowledge base. With over 30 years experience, we know the best way to gather and analyse traffic and transport data to ensure your specific needs are met.  We have the expertise to assist you with:

  • Identifying and Framing the Analytical Problem "A proper quantitative analysis starts with recognizing a problem or decision and beginning to solve it. In decision analysis, this step is called framing, and it’s one of the most critical parts of a good decision process... What managers need to focus on in the framing stage is that they have systematically identified and assessed the problem, and that they have considered alternate framings. It may be helpful to discuss the issue with quantitative analysts who have a sense of how alternative framings might be pursued."
  • Working with Quantitative People: "Speaking of quantitative analysts, it’s really important for managers to establish a close working relationship with them. You have the understanding of the business problem; your “quant” has the understanding of how to gather data on and analyze it."
  • Understanding Different Types of Data and Their Implications: It's not all about 'big data' but we can certainly help you with that too.
  • Understanding Different Types of Analytics and Their Implications  Not all data is suitable to solve all problems. We can help you determine what is the best way to collect the most useful data for your needs
  • Exploring Internal and External Uses of Analytics  "Historically, analytics were used almost exclusively to support internal decisions. That’s still useful, of course, but now companies are also using data and analytics to create new products and services."  Who is going to use your data? We can tailor our reports to ensure that the end-user can understand and effectively use the data.

Austraffic is at the forefront of traffic and transport data collection, constantly assessing more effective methods of data collection and analysis, yet never swayed by the shiny and new, unless it has proven itself through our extensive testing.  We can help you determine the best methods for collecting traffic and transport data, and ensure that the analysis is accurate, and best suited to your analytical problem.

Reblogged from Hbr.org 5 Essential Principles for Understanding Analytics