#65-Building a Robust Data-Analytics Engine in Your Business? by Sidhartha Sharma
Data is the new dimension in the virtual world that measures the other dimensions of space, time, and matter.
All workers, consumers, goods, and services generate data. Developing capabilities to collect, analyze, and synthesize that data for smart business decisions will be the key to success. All businesses are moving towards what I call the data economy. Data is the new oil, and there is so much wealth redistribution that will take place in the coming years because of the rise of data analytics, AI, and blockchain.
The two most important questions are- first that do you have access to the data ethically or not? And are you harnessing the power of data analytics if you do have the data? The low-cost storage and speedy computation solutions are killing every excuse not to capture business data.
What is BIG-DATA?
Big data refers to the rising volume, velocity, variety, variability, and complexity of data, insights, and content from multiple sources. Big data is not merely about identifying or generating data though that is an important starting point. It also relates to the capabilities and competencies associated with storing and analyzing such massive data sets to execute a level of decision-making. Big-data-driven decision-making is more accurate and timely than anything previously attempted in the absence of organized data models and sets. Big data involves the creation of a data lake and an ecosystem where different sets of data interact to produce business insights.
Data is Omnipresent: Capture all Critical Data Points All business leaders must know that every day in business brings an opportunity to collect and connect data from internal and external sources and synthesize it for business intelligence.
The standard kinds of data being:
- Customers data: The current and potential customers are generating data across multiple sales channels, devices, and networks
- Production data: Your manufacturing units are generating data.
- Operations data: Your logistics, supply-chain, office operations, finance, and HR functions are generating data
- Marketing data: Your marketing campaigns are generating data.
- Partnerships data: Your partner platforms are generating data that you can harness.
- Economic data: Your current and target economies are generating data
Data, in today’s business and technology world, is indispensable. Businesses that can analyze this data for gaining insights have an advantage over those who operate in a dark or no-data environment.
Data ecosystem is created by establishing an infrastructure to collect, connect and harness the data from various channels.
Take a Health Check of Your Analytics Engine
- How much internal processes and customer data are you collecting as an organization?
- How do you analyze the data to get insights?
- How do you share the insights across multiple BU’s of your company to optimize the data to the decision cycle?
- How mature is your data analytics engine- do you analyze what happened, what is happening, or what will happen? Optimize for predictive analytics maturity state.
By,
Sidhartha Sharma- Author and Digital Strategy expert
Digital and Transformation Expert
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