Add Business Value With Sensible Use of Big Data
Are you ready to transform your business by investing in big data? Understand how to make the most of analytics to ensure you’re receiving true value.
Big data is growing exponentially as each person generates approximately 1.7mb of data every second in 2020. Yet unfortunately 99.5% of data that is collected is never used or even analysed. With such an excess of data in circulation, it’s critical that companies who choose to invest in big data go the extra step to put a solid data analytics plan in place to make the most of their commitment.
Create Business Value
If you’ve decided that data analytics could transform your business, then you should begin by coming up with a definite goal that you wish to achieve. Perhaps you’ve heard that it can help to increase brand loyalty, or make your internal operations more efficient? It’s true that data analysis can achieve either of these goals, but only if you’re specific about exactly what you’re looking for. When you hire data scientists, they may be highly skilled at their own job, but might not be entirely onboard with a practical understanding of your specific business. This is where you can end up with somewhat of a stalemate unless you come up with definite business problems for your data analysts to solve. In this way, you’re creating true value for your business.
Embracing Data Analytics Across the Board
A common problem is where business leaders make the decision to commit to data analytics and decide to roll out the everyday use of analytics features to departmental heads across the organisation. Each team makes use of data analytics in a different way, with some dedicated to bringing it into daily operations, whilst others use it sparingly as a form of enhanced business reporting. Without a streamlined approach to data analytics across the company, its use can be seen as somewhat fragmented and it becomes difficult to scale the efficacy of the collected data. A data analysis consultancy firm explains that it you really want big data to work for your organisation, you need to take the time to ensure that the structure is in place across your entire company. All department heads should know how to use it and be held accountable for committing to it both now and in the long-term.
Build Credibility for Data Analytics
Get off to a great start with your data analytics implementation by creating a small number of tightly focused business targets that you need to solve. Once you’ve set your data scientists this actionable task and they’ve delivered your results, you’ll be able to clearly demonstrate to investors, business leaders and even your senior management team as to how useful data analytics is to the future of your company. By starting on a positive note, this is a great marketing ploy that will ensure the entire organisation will back data analysis as being a must-have! Agree on joint prioritisation which allows business leaders and data scientists to come up with the problems that they initially need to concentrate on.
Start by gathering your leaders and decide what business value you could achieve by investing in data analytics this year!