Making Cents with Data and Analytics - Patti Brownsord of Grounded with Data Drops Some Knowledge on Us!

Patti Brownsord is the partner and co-founder of Grounded with Data.  Her company's tag line is "Improving your bottom line through concrete, actionable intelligence."  She joins me to share her insight and discuss Data & Analytics' role in today's business environment. 

Data and analytics (D&A) refer to the ways organizations manage data to support all its uses and analyze data to improve decisions, business processes, and outcomes. Let’s explore this further:

1. Role of Data and Analytics in Business:
   • The primary role of data and analytics is to equip businesses, employees, and leaders to make better decisions and improve decision outcomes.
   • This applies to all types of decisions, including macro, micro, real-time, strategic, tactical, and operational.
   • D&A can also unearth new questions, innovative solutions, and opportunities that business leaders had not yet considered.
   • Progressive organizations use data to drive faster, more accurate, and more relevant decisions in complex and fast-changing contexts.
2. Examples of Data and Analytics Use Cases in Business:
   • Forecasting Risk During Surgical Procedures:
     • Combine predictive capabilities with defined rules to mitigate the risk of infection during surgery.
   • Optimizing Supply Chain Response:
     • Forecast incoming orders for products and use optimization techniques to proactively respond to changing demand across the supply chain.
     • This approach doesn’t rely solely on historical data, which might be incomplete or unreliable.

In summary, data analytics involves using data, techniques, and tools to identify patterns, trends, and actionable insights. These insights support informed decision-making and drive better business outcomes.