If you have never heard the term analysis fatigue, it is a term that describes a company’s exhaustion at trying to collect and analyse data from multiple sources in order to understand their industry and customers better. If you run a business or are involved in data collection, you will understand that the sheer depth and breadth of information we have available to us can cause us to be overwhelmed when we try to analyse it in detail. So how can you avoid analysis fatigue, particularly if you run a small business without huge teams of analysts processing the data for you?
In this blog you will find tips on how to efficiently and effectively analyse data which will help your company succeed, without burning out from the stress of it all. Let’s get to it.
Use Software To Help You
You are, inevitably, already using software to collect your data and analyse it. This isn’t exactly new information. But the question is: are you using your analytics software to its maximum potential? And how, if possible, can you explore new avenues of data analysis using new software?
If you experience analysis fatigue, try using sites such as Live Earth to compile data for you. Live Earth is a program which ingests data from transport, traffic, weather, financial and other data insights and compiles and compares them for businesses, saving you from having to do this legwork yourself. This type of software can save you hours of time and a lot of precious energy.
Use Smaller Batches Of Data
If your small business is experiencing analysis fatigue, it’s time to scale down. Of course, you want to absorb as much data as possible from as wide a range of stimuli as possible in order to get the best possible results; however, if your team can’t handle the scale of your data collection, then your analysis will lose accuracy and eat into your budget too. For this reason, it is time to collect and analyse the amount of data which is suitable for the size and capability of your team. Doing this will provide you with more accuracy and reliability as a company, helping you to expand more quickly and analyse a wider pool of data in the future.
Streamline Your Analysis
Is the data you are analysing directly connected to the revenue you are generating? If the answer is no, then why are you spending time and money on it? Streamlining your data analysis doesn’t mean cutting out essential components to avoid fatigue, but it does mean prioritising and centralising the analysis which produces the most revenue in the long run. Prioritising in this way can be brutal, but it helps your team structure its analysis more easily and eventually product more effective results.
In conclusion, analysis fatigue is a highly common problem that small businesses face. If you want to avoid this, use this blog to efficiently streamline and alter your mode of analysis to help your company thrive, while also giving your team a manageable workload.