Big Data Analytics is no longer a technology, but the premise for your business strategy. Combining the insights attained from the analytics with your big corporate goals, you can achieve greater heights, scale your business, and improve your performance. The data-driven strategies help you win a war waged against your competitors, and hold your competitive edge.
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Data-Driven Analytics & Best Practices for Your
Big Data Analytics is no longer a technology, but the premise for your
business strategy. Combining the insights attained from the analytics with
your big corporate goals, you can achieve greater heights, scale your
business, and improve your performance. The data-driven strategies help
you win a war waged against your competitors, and hold your competitive
When it comes to incorporating Big Data to your business, you need to have
a highly competent strategy in place, one that can help you attain your
goals while securing your business needs. Data for the businesses come
from all shores available, which is why you need to tame the data and
identify ones that suit your purpose best. Your enterprise should have the
capabilities to actually optimize this data and come out with the necessary
predictive and analysis models that can help you unleash the power of this
data. Finally, you need to have a decision making model that is transpired
from this model to improve the conduct of your business to improve the
As an organization that is working with data-driven analytics for your
business, you need to realize a few things and incorporate a few best
practices. This will help you yield better returns.
For a truly business driven data analytics, here are best practices that you
ought to follow.
Think your Questions
Before sourcing the data, it is important to start thinking the questions that
you aim for the data to answer. Data analytics is an answer to the questions
that determine your business strategy. You need to question what exactly
drives the demand for your product or service. Check for price and
availability (raw materials, other related industry products) that will
change or evolve with time. Regional factors and the role they play in the
sales of your products or services. Forecasts and predictions, how do they
affect your business? These are the questions that the data for your
business needs to answer. Basically, you need to combine your data with
your business in order to make it relevant to your needs.
Identify your Data Sources
You need to find the best data sources that can help you answer the
questions to your data. There is a whole load of data available at this
moment, which is increasing by seconds. Opportunities available with the
data are also ever evolving, which is why you need to not only choose your
data carefully but also make sure you are working with the right data
sources. When choosing data sources, you should take both panoramic and
granular views of your business setup with an aim to improve operations,
experiences and define winning strategies. Historical data is just an aspect
that businesses should consider; beyond that businesses should look into
data that gives them a purview into external factors.
When you are planning to align data analytics with your business, it is a
good practice to document the data and make it discoverable. There will be
times when you have data that you didn't know would be useful to the
business. Documenting it would make it available to you at all times. Apart
from documentation, making it discoverable helps you search and locate
the data at just the right time. A data catalogue with all the right labels and
marks will help you identify the data, and use it appropriately at the right
time. Source of the data and source-within-a-source of the data is also
revealed with the documented data. This helps in availing a data just in
time to make critical business decisions.
Check for Data Quality
Many times you end up using data that has not been checked for quality.
How can you make reliable decisions with such data? You need a data
quality manager who can check into the quality of the data, and suggest if
this data can be used or not. The data needs to be continuously audited for
the quality of information, and incorporating the metrics that will help in
identifying how recent and useful the information in the data is. The idea is
to make sure the information is same through the various reporting
Automate Decision Making
Once you have standardized the data, and ensured it is centralized and
available in real-time, the next task is to automate decision making to make
sure you don't cause delay in taking critical decisions. The idea is to make
the insights available in real-time in a constant manner, thus suiting
decision making. The data-driven businesses are repetitive, automated and
systematic in nature, ensuring no response delay and improving efficiency
of the systems.
Engage Key Decision Makers
Last but certainly not the least, you should engage key decision makers by
showcasing progress, using visual analytics. The person whose decision
matters should be engaged early on so that critical decision making is
possible without any interruption. Expert feedback, similar decisions and
available data sources can help the key decision makers in thinking about
their decisions and enhancing upon them. The evolving nature of data and
business requires continuous feedback from experts.
This Article is Originally Published at Seashore Partners Official Blog