Advice for using business intelligence to keep winning
I like to channel surf, and one day I got sucked into the game show “Are You Smarter Than a 5th Grader?” I never watched it when it originally aired, but now I’m addicted! The show is set up like a school quiz, with contestants earning money when they answer questions correctly. The kicker is that the questions are based on things we learn in elementary school…things that are quickly forgotten since they’re not tested in everyday life. Once I really got into the show, I realized there are business intelligence lessons to be learned from it.
On stage with the contestant are a few 5th grade students who can help if the person chooses to “cheat” as they pursue the $1,000,000 prize. Let’s examine how each of the available cheats tells us something about BI dashboards.
Peeking is encouraged. If a contestant is unable to answer a question on their own, a “peek” allows them to glance at a 5th grader’s answer and decide whether or not they would like to use it. How does that relate to BI you wonder? Think about the predictive nature of BI – it allows you to peek into what may happen in the future so you can take corrective action today. Especially valuable for businesses whose markets are volatile and sales growth may change from one quarter to the next, or for businesses whose production costs fluctuate depending on circumstances – predictive analytics, what-if scenarios, and break-even analysis eliminate some of the randomness from your decision-making. Luckily with solutions like arcplan, it’s easy to add predictive elements like regression analysis and Monte Carlo simulation to your dashboards. So really, peeking on “5th Grader” isn’t that different from modern BI.
Copying is expected.