Using Analytics And The Decision Making Process Essay

Before our clients can get to a point of having a dashboard of KPI’s and metrics, it’s imperative to understand the problems and the reasoning for diving into analytics. As a firm, why do you want to engage in analytics? Do you have the full support of the firm to include analytics in the decision making process? What are some of the issues that can be improved through the measures of data? What are you specifically trying to accomplish? What is the quality of the data being measured? These are all key questions that need to be answered before engaging in any sort of analytics and reporting. It’s important to remember that a firm should not do analytics, for analytical sake. There should be a reasoning and number of problems that could be solved through analytics. If not completed properly, the use of analytics could be a huge drain to cash flow and influence decisions that could have a negative impact on the firm. This is where AC Lordi differentiates itself from the competition and competes with the ‘BIG 4’ accounting firms. We’re able to walk a client through a proper planning process at a cost that’s significantly lower than our competitors. We’re able to provide resources with the same analytical background and knowledge as those firms. We provide a structured framework to answer all the relevant questions, suggest KPI’s that can be measured in the industry and implement target ranges where KPI’s should fall within. The importance of set target ranges for KPI’s, willShow MoreRelatedThe Three Levels Of Analytics, Descriptive, Predictive, And Prescriptive1707 Words   |  7 Pageslevels of Analytics (Descriptive, Predictive, and Prescriptive). Give a brief example of how they might be used to solve business decisions. 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