The data that an organization like yours holds, accumulates at an incredibly high speed and at large volumes. If not dealt with quickly, you risk missing out on many valuable insights that the data sets can present. According to PWC’s CEO Survey, one of the fastest growing skills/positions needed in the enterprise are data engineers to build and maintain data warehouse infrastructure along with data analytics experts to parse through the data finding actionable insights. (2019). This is due to the importance that technology and data have on the strategic direction of a business. How can you ensure that you never miss insights buried in your data again?
1. Analyze the right things. If you are making correlations in your data that don’t serve the greater organizational purpose, you’re wasting time and money. Take the time upfront to understand and define the best and most valuable Key Performance Indicators (KPIs) for your enterprise. These KPIs should align with the key business objectives and Critical Success Factors within your strategic business plan. Understanding this alignment will unlock valuable correlations hidden within your data which are critical in making strategic decisions.
2. Segmentation. Using data effectively through segmentation uncovers the behavioral difference across those segments resulting in holistic business decisions. The goal is to allow the data to come across in an objective and statistically accurate manor instead of driven by our own biases. Context is key when understanding how the data should be used and which correlations are important to highlight.
3. Visualization. The way in which data is presented will either encourage or discourage quick and effective decision making. We are no longer in a world where report writers spend hours sifting through data in order to present a set of numbers and words on paper, attempting to culminate in a meaningful data report. Telling the right story and in the right way through visually appealing graphs and charts provides an in-depth storyline for all to follow.
Liberty Source’s harmonized approach to automation and human capital discovers the underlying pain points that are impacting your organization and curates a personalized data analytics strategy to uncover insights that may have never been possible before.