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Analytics can enable growth, through providing a feedback loop. The feedback loop can identify bottlenecks, areas of potential growth and areas where waste is occurring. Then companies can act on these insights, to increase their performance, in whatever part of the business that challenge lies.
At a very basic level, it works like this:
1. Measure the challenge/problem.
2. Audit the results, looking for opportunities.
3. Take action on those insights.
Rinse/repeat. With a continual focus on performance. Often for any large problem, it is going to take multiple cycles, to break free of the problem. For example, the first cycle, might solve the problem. The second cycle, improves, and third then improves on the improvement. It is rare there is such a thing as a one time fix, especially when it comes to growth.
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