Author: Frank Buckler, Ph.D.
Published on: September 15, 2021 * 6 min read
Do you know what actionable insights are and how you can derive them into your organization? Insight is an understanding you have about the working of your business against how you thought it would work before you accessed the data-driven insight. It makes you rethink various business factors you may not have considered before.
You can derive insights about your customers or your business by structuring and transforming your data into information that can optimize your processes and understand your customers in a better way.
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Let’s first understand dashboarding, prediction, and prescription before we discuss what actions to take with the help of key driver canvas.
Dashboarding – Organizations use dashboards to gain insights into the most significant aspects of their data. They gain real-time insights and competitive analysis through which they identify items that require urgent action.
Prediction – Prediction helps organizations make sense of potential outcomes or the future repercussions of a decision. It leverages historical figures and statistics and uses raw and up-to-date data to peer into a future scenario.
Prescription – Prescription also looks at future scenarios but uses a more technological approach. It takes a deeper look into the “What” and “Why” of a potential future outcome by utilizing artificial intelligence, mathematical algorithms, and machine learning.
Now, let’s look at the key driver canvas because it is the key tool to understand the main takeaways.
In the above key driver canvas, we have two dimensions:
You can categorize these dimensions into three buckets or fields to arrive at a certain recommendation.
In short, we need to follow the below steps to gain insights from a key driver canvas:
Maintain Strategy – We need to maintain our strategy where we are good at it.
When you go into discussion with any organization, you arrive at the question: What do we do now to improve our services? It is because customer service has a significant impact on an organization’s success. It’s a sign of bad customer service if the customer retention and loyalty levels are low.
So, there are multiple ways you can adopt to improve your service, and you need to actually perform the action to translate the topics into possible actions.
The actions that you need to perform are:
You can derive the recommendation from simple ease of impact metrics. For instance, you can categorize your actions as:
There are three situations associated with the above actions. They are:
The above figure demonstrates when the actions have low impact AND high costs, do not categorize them.
When the actions have high impact OR low costs, put them on the WAITLIST if it’s not easy to categorize them. However, if it sounds easy, you need to INVESTIGATE, as shown by the above figure.
There are things that have a high impact AND low costs. If they are not easy, it still really makes sense to INVESTIGATE them. On the other hand, if something has a high impact, low cost, and is easy, that’s your PRIORITY.So, that’s the easiest way to get improvements, and we can integrate this into the dashboard as well.
So far, we have discussed the terms dashboarding, prediction, and prescription related to the key driver canvas. The driver canvas is the primary tool to understand the impact of different topics and their related frequencies. We categorized the dimensions into three fields, namely:
Further, we discussed the necessary actions we need to perform for the translation of our topics. We categorized the actions as Easy and Not Easy and associated three situations with them that are:
So, we can improve our services and customer satisfaction by deriving valuable insights from our data.
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