Exploratory Insights - Why They Matter
Leverage exploratory analytics to build your strategy
Exploratory insights defined
Exploratory insights are learnings from engaging in exploratory analytics. That is — analytics without predetermined structure. An example of non-exploratory analytics entails building a data pipeline and dashboard with agreed upon metrics. Exploratory analytics differs in that any and all resources, methods, and deliverables are on the table. It enables teams to be agile and allows you to ask open questions.
Diving in without a hypothesis
Typically, we have an anchor that we test our findings against. Even if analytics where there is no 'statistical’ hypothesis, we may have a theory or previous baseline to compare against. With exploratory analytics, having a set of hypotheses is completely optional. Exploratory analytics embraces a more open-ended and iterative process. Rather than starting with preconceived notions, we dive into the data with curiosity, allowing patterns, relationships, and anomalies to emerge organically. This approach is akin to embarking on an expedition into uncharted territory, where the destination is unknown, but the journey promises discovery.
Exploratory insights inform strategy
Exploratory insights are findings that result from exploratory analytics. They don’t just inform us about the health of a business — they can tell us where to go.
First, exploratory analytics allows us to uncover hidden patterns. With the right data visualization and statistical techniques, we can tease out segments and correlations that will likely spark new questions and ideas for growth.
Second, the act of exploration itself garners flexibility and adaptability which are crucial values for executing strategy. Allowing teams to pivot quickly based on emerging trends or unexpected findings gives agency to the organization.
Lastly, we dive deeper than surface-level analysis and explore multiple angles to gain a comprehensive understanding of the questions we’re answering. Overall, it provides a more holistic view that drives informed decisions and innovation.
Narrowing down with an analysis plan
Just like explorers, it’s important to be prepared with tools and resources before venturing forward. Understanding limitations, such as time, budget, data sources, and other resources is crucial before deciding what questions to focus on. Every analytics plan is different, but centered around key questions, data sources, and key stakeholders. It centers the work around broad objectives and goals that analysis can orient themselves with as the explore the data. Even better — remember that constraints breed creativity, so enacting some rules and constraints in the plan can be highly beneficial.
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