Question

Managers require a sophisticated understanding of what you can (and cannot) infer from data, and how to use those inferences to make good decisions. However, one of the main issue is the organization's inability to collect, analyze and interpret myopia, the right information and use analytics properly. What steps would you use to ensure that that management would gain a sophisticated understanding of analytics? Do you think your management use data to make decisions?

Answer 1

Steps to ensure proper understanding of analytics:

• Appropriate and frequent Training Programs for the management
• Tools like SAP to translate data into information
• Setting up a separate analytics department and encourage employees of this department to write papers and publish them for internal circulation or for publications for the industry magazines if the data used is of non confidential nature.
• Giving importance to reaching targets and re-engineering the processes using analytics

Yes, I think my management uses data to figure out customer segmentation, spending pattern, eligibility for various products like pre approved loans and credit cards.

Also, a list of top customers is generated which is based on various factors like total credit limit, repayment patterns, eligibility for further products etc.