It may sound obvious, but most companies are not using their data effectively because they simply do not have a strategy for how to use and analyze the data they have access to. The power of a data strategy is to provide you with direction so that your company does not get lost in the amount of data you have access to. Data strategy helps you to use data effectively to achieve short and long-term goals set by your business leaders, make sure you answer the right questions quickly and determine where your company’s greatest potential opportunities are.
Managers assess performance subjectively which leaves risk of overlooking something important or missing a key consumer insight. We integrate data-driven Key Performance Indicators (KPIs) in your data strategy to ensure that you are measuring the most important things for your company’s long-term success.
Having the right Big Data strategy not only means improvement in sales but increasing overall profits. As your company learns to more effectively use the data you receive, you also decrease costs and make better revenue decisions. The lack of a data strategy means you might be missing key opportunities that your company could capitalize on simply because you are not managing your data correctly.
It takes the exact same effort to use Big Data inefficiently, as it takes to use Big Data perfectly, but the difference shows up in revenues. Inefficient use is an expense that can be avoided while efficient use can compound the revenue you generate. A data strategy solves how to use data most efficiently to achieve business objectives set by you or other leaders in your company. For every objective, a data strategy can determine the best data solution to answer your questions and deliver against your goals, all while reducing time and costs at your company.
The time of analysis is significant for some stakeholders. Data strategy creates a mix of different types of analysis to use real-time, predictive, and historical data where most appropriate. Faster access to insights allows stakeholders to monetize data sooner, and thus increases revenues. Suitable data strategy contains everything it should and nothing it should not. It takes into consideration many inputs and comes up with an architectural blueprint and strategic document including a roadmap with prioritized deliverables starting from the most important components first.
So how does data strategy work? Data sources are first audited and improvements are identified to ensure standardization for data governance and data cleaning. Clean data is essential for meaningful reports to support decision making. Standardization reduces costs and simplifies maintenance. Then, we identify key business operations relevant to business goals and determine the right data to analyze and improve those operations. We also leverage advanced features, such as artificial intelligence as a means of automation to free up human resources, solve tedious tasks, and create capacity for solving new business problems.