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If your business is running without the full benefit of a well-run data and analytics program there is usually one of two issues:
1. You don’t know what to measure and/or don’t have time or resources to measure it if you did. As a result, you measure nothing and make business decisions with “gut instinct.”
2. You measure everything and are overwhelmed with an avalanche of data. As a result, business decisions aren’t made due to “analysis paralysis.”
As with most things, the optimal level of access to data is somewhere in the middle. Whether it’s a lack of data or a glut, you’re organization needs to organise its metrics into two groups:
i. Key Metrics - A small number of metrics that are critical to meeting business goals. These metrics are monitored regularly.
ii. Drill-Down Metrics - A larger number of metrics that are only analyzed if a Key Metric changes significantly. These metrics are granular in comparison to the Key Metrics they are associated with.