Are You Using Data Analytics The Right Way?
In today’s tech-led era, there is hardly anything that you can accomplish without using data. In this scenario, are you able to fully utilize the value presented by data? Is your data analytics helping you turn data into a revenue generation engine? Are you using data analytics the right way?
Today we look at solving these questions at how this can be done
The first question that you need to ask yourself is whether the data you’re using is purpose driven or not. The easiest way to find an answer is by analyzing it based on four important dimensions – accuracy, relevance, usability and cost involved in the analytics. Based on these elements, you can determine whether your data is purpose driven or not.
The another important aspect of data analytics is whether you’re using it to ask the right set of questions or not. Questions like “how can we reduce costs? ” “how to increase revenues? ” “how to improve the productivity of all the team members? ” “how can we better manage the time dedicated towards product development? ” etc. should be addressed without any failure. It’s great if your data analytics practices address these question, but if not, then ensure that you make the necessary changes as soon as possible.
Valuable data may come in all forms and shapes, and you need to be ready to capture it at any given point of time. Building a strong data provenance model can help you do that in a hassle-free manner. It enables any business owner or team leader to identify the actual source of information and check its reliability to know whether it can be used or not.
In today’s time when differentiating useful data from scrape information has become one of the toughest tasks for businesses, data provenance model can help you achieve desired results over and over again. If you have not already built a data provenance model for your business, do so without any further delay.
No matter how intelligent or experienced you are in a particular field, you cannot get hold of everything at once. Ask yourself whether you can connect the dots in the raw data that comes to you from different people and departments. If the answer is no, hire someone who can. Knowing how to connect the dots can take your business to whole new heights; therefore, learn this process or hire someone who possesses necessary data skills to do the job.
Data analytics can make a real difference only if you are willing to convert your insights into action. So, take a close look at the points mentioned above and start using data analytics in the right way.
Have you been exploring data analytics field for a long time and have an expert opinion on this topic to share with everyone? Please comment below and help others learn the usefulness of data analytics.
