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Advanced analytics is nice, but how about we start with simple analytics?
Advanced analytics! Everyone wants some, but few people need some. Let’s start with a healthy dose of simple analytics first.
I know, I get it! You’re excited about all your data and you want to hire a data scientist right away to get started on all the advanced analytics you can do with your data.
In reality, though, I’m not sure that phrase means what you think it means. Stop for a second and ponder this — do you have people doing simple analytics on your data? Are you actually starting to dig into simple metrics to see how your business is operating? As a Data Scientist, I would say in 90%+ of cases, people who hear the term “Advanced Analytics” think they should jump on that bandwagon. Unfortunately, this can be a waste of your company’s time and resources until you truly need it.
80/20 rule of advanced analytics
Most people at this point are familiar with the 80/20 rule, or Pareto’s Principle. In essence, you gain 80% of any benefit from only 20% of the inputs. This is…