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Chapter 1. Making Sense of Data > Developing a Data Analysis Strategy

Developing a Data Analysis Strategy

Your organization should already be collecting and storing the data that you need to make good business decisions. If your organization does not have a data collection and storage plan, it is at a serious business disadvantage. You should regularly assess your organization’s data collection and storage procedures or make recommendations to others in your organization who are responsible for establishing data collection and storage procedures. If you do not collect or store the right data, you might make less valuable business decisions.

Once collection and storage procedures are in place, an effective data analysis strategy can help an organization unite under a common vision, mission, or financial goal. For example, your organization might want to increase profits by 5 percent next quarter, add 750 new customers next month, or sell 1 million product units next year. This effectiveness can be achieved when representatives from across the organization come together to decide questions such as the following:


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