Analysis can take a variety of different forms, providing different perspectives and benefits.
Data analysis can help you understand what’s going on in your business, support decision making, increase operational efficiency and improve outcomes. For example, analysis of comparative data can help you form an assessment of the relative economy, efficiency and effectiveness of your business to help inform your priorities for action. A review of historic data trends can help you assess performance and cost trajectory. And assessments of future projections can support planning and assess the scale and possibilities of your future ambition.
This level of targeted analysis of your own data, whether on in isolation or in comparison with others, allows you to create a rich, complete picture of your organisation, highlighting strengths and weaknesses.
Data can also provide a rich source of insight on the external environment and provide an evidence base to underpin future strategy. For example, better understanding of market trends might help to identify or shape new business opportunities; analysis of socio-economic trends can contribute to an understanding of potential pressures on existing business streams.
When intelligence is gleaned from data, through analysis, it gives you an insight– and from that insight you can identify the actions you need to take to create solutions to a problem, address an issue, or make an improvement.
However, you need to be clear what questions you are want to answer. What do you really want to know? Once you’re focused on what you want to achieve, review the data, carry out analysis, add context and turn intelligence into insight and then you’ll better understand what the data it’s telling you.
Data insight should underpin the change you want to make in your organisation. It can help to design services and customer access channels, balance service demand and service quality, make best use of available resource, inform investment and manage risk and much more.
At HouseMark, we have had a long record of providing the sector with data. And whilst this has provided our members with a range of information over the past 15 years, we recognise the importance of, and drive towards, insight to help drive change and improvement.
This sector shift sees HouseMark use its own data to gather insight and deliver an improved offer to our members. Whether it’s using data to evidence past decisions, spot trends or to justify trade-offs between different activities, we want to ensure the breadth and depth of data we have available meets your specific needs.
Data is still at the centre of what we do – but it’s not alone anymore. Make sure you’re able to take actionable insights and make the most of what data can do for you.
For more information, please contact us.
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