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Tip: Use Analytics for Guidance - Not a Definitive Answer

June 21, 2012

It’s critical to use data to make better decisions for your organization. But, according to Tony Pericle, if you made a decision using analytics, “you can bet that if you did it right, you did not go in the right direction.” In other words, in most cases, you’re going to need a course correction. “The wind is going to pick up stronger than you anticipated; you’re going to be pushed off-course somehow.” In other words, the numbers can only tell you so much.

But that’s what analytics is all about, he says in The Common Sense Test in Analytics. It’s not about saying here’s the perfect price. It’s about providing guidance to the people in your organization.

Get the latest data on distribution in MDM’s new 2012 Wholesale Distribution Economic Reports.

How can you know whether the guidance the numbers are giving you is sound? Determine if it passes the ‘Does it make sense?’ test, Pericle says. Review the results with peers. Allow employees to challenge the results within the context of the real world. “You have to allow interaction between people to look at the analysis from a practical perspective,” he says.

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