A lot of organizations rely on data analytics to accomplish a series of tasks and engage in better decisions for their growth. However, what’s important to note is that without good tools, strategies and data management, achieving the desired results from data analytics would be a distant dream. No wonder, data analytics can help in boosting sales and increasing the market share. But the catch is how the organizations bring data analytics into the best possible use. Here are some ideas that can help organizations excel with data analytics –
Machine learning
The whole data analytics process is taken to a different level altogether with machine learning in place. And if the organizations has humungous data to deal with, there cannot be a better option than ML. The best technique to employ is to use the right layer of data for the right purposes. The bottommost layer, the ingestion layer, is the rawest data, the data coming in from different sources, that’s ideal for ML. The middle, or “conformance” layer is where the sourced data is conformed to standards according to the rules. The topmost layer is ideal for the purpose of analytics.
Education
What’s the whole point of deploying the best technology when the users aren’t aware of how to come up with the best strategies? This is why educating the business users so that it is easier to understand the company’s strategy for data science, AI, machine learning, and data analytics becomes critical. This is way more important if the organization is getting engaged in data science for the first time. It is also important to educate the business users about the outcomes that a data science project might lead to. Things get easier when the organizations have a data strategy that explains how different departments work together in place. In companies where data strategy and data governance is defined, the process is very seamless.
Managing data
With data being present in massive amounts, how well the organizations manage it is very critical. Bringing in the right technologies to manage whole of this data is an ideal solution. It is important to note that unless the data is efficiently managed, the organization cannot draw meaningful insights and thus the decision-making ability goes for a toss.
Establishing a centre
Having a body that caters to sharing the best practices, developing research, and offering training in areas of focus has proved to work positively for the organizations. This centre of excellence comprises of a highly capable team of experts that knows your organization from within. The team is equipped with the skills and capabilities to give the business a right direction.
Self-service analytics
This is one of the best ways in which the business users to perform queries and generate reports on their own. A self-service analytics approach helps in filling the gap created by the shortage of trained data Rather than waiting for the data scientists to generate reports, the business users can make decisions based on their own analysis of data. Here, what is critical is what the information requirements are and what all tools they will need.
With these ideas in place, the organizations can surely carve a niche for themselves and excel in their respective areas using data analytics.
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