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The word “analytics” means different things to different people. Depending on the analytical maturity of your organization, analytics could mean reports on your performance, predictive models or fully optimized analytic decisions.
No matter where you are on that spectrum, many organizations report that while they have many different analytical systems or models, they don’t know how well they are performing. Many times organizations implement expert or predictive models with the expectation of enhanced operational performance, but they don’t measure the results, and don’t assess if the model is delivering the business value needed and expected.
Measuring and tuning models is as important as implementing models. Without ongoing monitoring they can fail to achieve the desired results. If you, as a leader of an organization, want to assess your analytics, there are a number of steps you can take.