Sound data analysis is critical for today’s top performing organizations. But combining data from numerous sources to make meaningful insights is a constant challenge. Edgeworth Analytics CEO Dr. John Johnson was interviewed for an episode of the Money Savage podcast, where he provides guidance to help business professionals and organizations interpret their data to make more informed, data-driven decisions.
Data as a Tool for Decision-Making During COVID-19
As companies consider bringing employees back to the workplace amidst the Covid-19 pandemic, Dr. Johnson discusses how data and information can be a useful tool to help companies assess risk and proceed wisely when considering HR and other operational decisions. For example, Dr. Johnson describes how data analyses can provide business professionals with an assessment of the various workforce issues brought on by the pandemic, such as the types of jobs that are more or less likely than others to have long periods of contact between workers as well as the utilization of surveys as a tool to measure the anxiety and comfort level of a firm’s workforce. However, before undertaking a data analysis, there are several critical questions to answer in order to frame the issue at question, including:
- what is the key business question you are trying to answer;
- what is your goal;
- what datasets are available to help inform the decision; and
- how can you use the data to think creatively about the issue?
Becoming a Smarter Consumer of Data
On the episode, John also dives into the topic of bias in data analysis and offers strategies to overcome this common data pitfall. Bringing a disciplined process to the data allows professionals to use their intuition to test, refine, and validate different possible scenarios. And when consuming data and information, Dr. Johnson suggests taking the time to dig deeper into the data to consider alternative relationships that can many times unlock hidden insights.
About the Podcast:
The Money Savage podcast provides an approach to personal finance featuring financial professionals and subject matter experts, released 8 times a week. Learn more at: MoneySavage.com