Wednesday, July 16, 2008
How would you like to be able to:
1) Determine the financial impact of customer or employee loyalty?
2) Determine the number of types of employees you will need in 2009?
3) Determine the productivity increase of a proposed training intervention?
Do you think you need a crystal ball?
The answer is no. Today, we are seeing more and more companies taking their metrics and data to the next level. The are becoming very PREDICTIVE using historical data to build models in order to assist managers in making better decisions.
This exercise is not for the faint at heart as it does require historical data and some higher level statistical testing, but the effort is well worth the business intelligence it creates. Using methods like linkage analysis, regressions, correlations, factor analysis, etc. statisticians can uncover root causes and outcome drivers so management can focus on what matters most.
The Burke Institute offers many workshops on these subjects. So throw out the crystal ball and start mining for data!