Top tips for data in 2020 | Are you using data to the best of your ability? A step-by-step guide on how to use data analytics to change the way you do business.
So, you’ve uncovered your data, embraced it as an asset and possibly named a leader for your upcoming data analytics initiative. Now, it’s time to get the ball rolling by driving actual business value with your data.
Follow these steps to officially launch your big data initiative.
- Start with a clear problem to solve. If you don’t set out with a problem to solve, you won’t find a solution. We often find our clients in this exact position when they ask for our help — they want to make their business stronger using data, but they don’t yet have a problem in mind for their data to solve. Choosing a problem starts with asking questions of the data and thinking about the struggles that constantly plague your business.
- Secure buy-in from department leaders. At this stage, you have a lot to gain by attaching a face to your data initiatives. With an actual person who can explain the plan and make the case for data analytics, leadership is much more likely to see it as a legitimate effort that deserves company budget resources.
- Bring the right team and talent together. This step will be challenging in light of current job market realities. According to a LinkedIn market report, demand for data scientists has skyrocketed in the past few years as emerging technology empowers more big data projects. Be patient when working toward outcomes. You can’t expect data teams working on documented business problems to get to the bottom of the issue in a week. View the initiative as a journey rather than a simple to-do item. In time, data teams will deliver significant ROI in terms of revenue, cost savings and competitive intelligence. But those are complex, high-level elements that aren’t solved quickly.
- Create value from your discovered insights. Your data initiative may yield surprising results or take you down an unexpected road. But even if your findings throw you for a loop, take them to heart. If you followed the correct processes, data results reflect reality — and your business operates in reality. It’s also how your business gets better. Go forward and make the changes your data prescribes to build a stronger, more modern organization.