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Data Bootcamp Key Terminology

Across
The "so what" behind the observation which leads to an action
Use of data and applied statistics to provide insights and predict outcomes of channel investment and use
Metrics to monitor performance and expected results of strategy implementations
A profitability ratio that calculates the revenue return (e.g. sales) in relation to the investment in a specific channel or collection of channels to achieve the financial revenue objective
KPI to measure the optimal outcome (e.g. sales, patient starts) from marketing tactics on customer behavior goals
Down
Statement of fact given the data presented in the report
Decision support systems to improve management decision-making based on data collected from customer interactions. Typically retrieves data from CRM platforms and other data sets to visualize information for ease of spotting trends and delivering insights
Optimal selection and frequency of channels to achieve the desired customer behavior. The minimal amount of channels and investment to achieve the maximum behaviors
KPI that can be measured in the short term and used as an indicator for the long tail response such as sales data. Meant to provide an early warning to potential issues and identify optimization opportunities