"TRACK EVERYTHING" Mindset
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“Why NOT track everything?”, I am sure you must have heard this often if you are into analytics.
In the end, over-tracking frequently results in over-reporting. Reporting too much paralyzes analysis. That indicates that there is so much data that decisions are impossible. It is your responsibility as an analyst to inform clients about how data is used to make decisions.
People frequently adopt the mentality of "tracking everything" for a variety of reasons. Some of them are listed below:
Being concerned that not enough data will be collected
Clients may become anxious about not being able to respond to important business questions and turn to record everything "just in case." As a result, enormous amounts of data are collected and then ignored because doing so would involve a lot of work.
It's critical to strike a balance between recording too much, which can result in information overload and analytical paralysis, and tracking insufficiently, which can impede your ability to analyze data.
Not being aware of the capabilities of analytics or how the data may benefit them
Although many firms claim to be data literate, they often lack the necessary analytical knowledge. Without understanding the capabilities of different analytics platforms organizations may adopt the "track everything" mentality and frequently find themselves overusing some aspects of their current analytics platforms while underutilizing others.
Key performance indicators are lacking
Clients always want the best out of their business, but always forget to create KPIs for the company. It is certain that this will cause headaches: skipping the necessary analytics preparation work, in the beginning, might result in heavier workloads later, typically in the form of disorganized reports that need to be filtered, sifted through, or even recreated owing to errors.
Unaware of the importance of crucial data
One must give importance to crucial data rather than track everything. These "track everything" typically become obsolete in the future as businesses transform and digital functionality develops. When there may be significant financial consequences in recording, analyzing, and retaining the additional data, this type of data can quickly provide more issues than beneficial insights.
Final Thoughts
An organization must develop KPIs, use them to rank data points for tracking, iterate and adapt frequently, and make a serious effort to increase its knowledge of analytics tools and procedures in order to track crucial data rather than “Track Everything”
Are you "Tracking everything"? If yes, please give it a thought.
