Happy Diwali to you from Team Pexitics. We, at People Excellence Indicator analytics, are thrilled to see another Diwali (you know how it is in start- ups) .
Lets take a closer look at the presiding deity of Diwali – Goddess Lakshmi. The word Lakshmi is derived from the Sanskrit word Laksya, meaning “aim” or “goal,” and in the Hindu faith, she is the goddess of wealth and prosperity of all forms, both material and spiritual.
Quoting Wikipedia “ Lakshmi is depicted in Indian art as an elegantly dressed, prosperity-showering golden-coloured woman with an owl as her vehicle, signifying the importance of economic activity in maintenance of life, her ability to move, work and prevail in confusing darkness.
Lakshmi in Sanskrit is derived from the root word lakṣ (लक्ष्) and lakṣa(लक्ष), meaning to perceive, observe, know, understand and goal, aim, objective respectively.These roots give Lakshmi the symbolism: know and understand your goal. A related term is lakṣaṇa, which means sign, target, aim, symbol, attribute, quality, lucky mark, auspicious opportunity.”
Two elephants are often shown standing next to the goddess and spraying water. Elephants are This denotes that ceaseless effort leads to both material and spiritual prosperity. This is one Goddess who stand for continuous efforts and hard work towards achieving goals .
“A goal properly set is halfway reached.” ~ Zig Ziglar
We know that ‘Goal’ signifies Aim or Purpose . What is a SMART goal ?
“Everybody has their own Mount Everest they were put on this earth to climb.” ~ Seth Godin
I like the illustration given below .
SMART goal setting, which stands for Specific, Measurable, Attainable, Relevant, and Time-Based, is an effective process for setting and achieving your business goals.
Measurable is where the Data and Metrics for measuring the progress on Goals comes in. The utility of Statistics and Analytics is primarily into Measurement of Data linked to a “clearly defined business problem /aim”. Analytics is the art of creating Insights on the basis of the Science of statistics for Business Goals. The first step to creating meaningful analytics / business goals is to really identify the core objectives of a business.
What are some of the common business objectives?
- Increase shareholder value.
- Grow an online community.
- Increase revenue from online sales.
- Grow business from repeat customers.
- Better leverage social media.
- The next step is to break these down into measurable business goals.
These business goals can be broken down further into Analytics goals . To create analytics goals, the first step is to break down qualitative business objectives into measurable , quantitative goals.
How can we break down the “shareholder value” that can be measured using web analytics? 3 Analytics goals can be:-
- Increase revenue per online customer.
- Reduce the cost of acquiring new online customers.
- Increase the growth of weekly online subscription signups.
The next step would be identifying the correct Analytics / Data Science procedure to measure and predict accurately HOW to achieve the goals. There can be many ways to achieve a goal but which would be the best path to take at a particular time?
The importance of Diwali clearly points to our acknowledging that to stay ahead in the march to prosperity, we do need to focus on data and linking it to measurable business goals. Analytics, Data Science and Machine Learning will become increasingly important as we march ahead in the sphere of business prosperity. People Excellence will increasingly drive Business Excellence.