Make Your Data Tangible
Updated: Jul 9, 2019
Data. Many individuals see this as nothing more than a buzzword. But it surrounds us, unwittingly, in every aspect of our lives. As business owners, we need to be diligent in recognizing the ways that this ‘buzzword from the future’ actually impacts our daily routines.
It is now the year 2018.
All of the data that exists throughout history, can now be generated in two days but much of it is simply unstructured:
Unstructured data - (or unstructured information) is information that either does not have a pre-defined data model or is not organized in a pre-defined manner.
Taking information from your business, or off of the internet, is a blessing if you look at it through the right perspective. Almost any information that you need to add value to your organization is readily available, and the ability to make decisions with that data, the ability to actually use it, is something that would have been much more difficult in previous years.
Our customers are beginning to realize that in order to really be competitive, they need to take advantage of their data, leverage it and turn it into insight.
I’m frequently asked “what are the possibilities?” and that’s when I refer to the power of analytics. The ability to take the information that we have at our disposal and take external sources of information and help our clients realize what their potential is.
When we look at specific industries or businesses the problem is much more specific. Managing turnover or finding interesting ways to keep customers engaged. Manufacturing or retail is about the product, design, marketing strategy, etc. Selling a service is about looking at key metrics, some of them including the number of hours you spend every day before you make a sale. What is your bottom line and how can it be improved? Within the public sector, we look at demographics, traffic etc. and predict where an accident is most likely to occur, what type of police force we need and use those predictions to avoid the problem before it actually happens.
Organizations that have transformed themselves into analytics-focused organizations have seen 1/3 more revenue and over 10x better performance than those that haven’t. Clients ask, “How does analytics apply to my business?” and with a bit of information, “How can I introduce that type of analysis into my business?”
The first step is understanding what it can do. Understand what it can do for your business and begin building a solid foundation of data to apply the analytics to.
When I look at the world, I see the data that’s behind it and, as an analyst, I begin to think more and more that it’s about how we actually use that data and how much of it we use to help us make decisions every day.
In a few years, we won’t even be talking about analytics. It’s going to be an everyday business operation similar to the introduction of a television commercial or an office computer. Many companies will adapt and begin to or continue to thrive. Some businesses will not. Use your data to make the best decision.