In this high-intelligence and info-based business climate, data is an extremely valuable resource of information.
But many companies are wasting time sitting on a pile of valuable data that is completely ignored by business analytics. Unless managers actively utilize, analyze and develop knowledge from data, it doesn’t serve its fullest purpose in the organization.
Data insights are of utmost importance, since they drive greater understanding of a company’s operations and markets while uncovering opportunities for growth. Yet, this can be achieved only if data is actually used and effectively employed within the company overall structure. The tips below explain how managers can make the most of the information they already possess.
How to define data for business insight?
Prior to any analysis, a company should determine the goals of an upcoming data analysis project. What information and knowledge does management wish to obtain from existing info sources? Doing so entails consideration of the three key factors.
Context
The first step is to look at a larger picture. What will these desired goals look like once a data analysis is on its way? Management should define goals proactively, as well as set project deadlines and milestones to couch analysis in a larger context.
Need
To make the most of available resources, management should tailor an analysis project in line with the organization’s biggest needs. Whether those are improving operational efficiency, cutting a specific expense, or increasing general revenue, establishing a need helps direct analysis in a productive way.
Vision
Vision should be a part of the project. Management should know possible logical solutions to business problems and the ways to solve them by means of data and information.
Outcome
During the analysis stage, the desired outcome of the project should always be kept in mind. Data mining and analysis are iterative, but keeping a continuous outcome in mind places parameters and focus on the project at hand. Things to remember include: how will these results be used? Who will be using these results? What are the measurable objectives at play?
Insights are a big part of what makes businesses grow. It is very important for any organization to have a guide that helps them collect insights from the get-go, streamline and focus their approach on the right kind of methodology to get the best results. Most importantly, never ignore the valuable information that might help drive business objectives forward.
The four simple steps to guide this process are listed below:
- Collect: A large, high quality database translates into good business insight for any organization. Data on sales prospects, for example, can be gathered and collected from network engagements, forums, blogs, reviews and website click streams, and ad engagements.
- Connect: Data can be large and unwieldy, providing different sources of information in different places. It is not always structured to help analysts make connections, but it can be the other way around. Joining and connecting different data sources and sets can create more knowledge than relying on fragmented data only.
- Manage: The world brands live and breathe in a social media focused world. There is a lot of data that can be collected and leveraged from these fast-paced interactions with the right techniques and tools. Some information can be accessed in real-time only, while the other data points can be stored conveniently.
- Discover and analyze: Finally, collaboration is required for using the data to discover important business information. This process should include data scientists, marketing experts, and other subject matter gurus across the organization. The goal is to generate key information that can be applied to various business goals.
If you want to be successful in the modern-day highly competitive digital business landscape, you need to learn how to move from data to business insights and how to treat information as an asset.
