Transforming data into actionable data intelligence that deliver results
Your data needs to be transformed into actionable data intelligence to deliver results. Follow these best practices to create a winning data intelligence strategy.
Data today is your most prized asset. And, whichever industry, your business belongs to you must be generating and collecting vast amounts of data. So, one would ask, “Where’s the problem?”. But data alone will not be able to create value or drive strategies. It needs to be processed. You need to extract insights from it. And realize actionable data intelligence.
- 86% say data is the foundation for making business decisions.
- 80% of respondents voice widespread concern about their ability to analyze data, particularly regarding data volumes, quality, and speed.
- 83% agree AI will be a game-changer in the way we think about and process data.
Source: MIT-Pure Storage Global Survey, 2018
Best Practices For Data Intelligence
- Break the data silos- Data needs to be unleashed and set free for transformative impact. Data collected from the marketing department can be useful in product development. Work on an organizational plan to create a ‘Data as a DNA culture’. Develop a new process to collect and store data. Encourage wider collaboration to ensure that everyone is aware of the data repository the company posses.
- Leverage data science technologies- The data you have must be harnessed leveraging advanced technologies like AI, NLP, Deep Learning and Computer vision to make it much more useful for your business activities. Do you know NLP and Machine Learning can today empower you with capabilities to glean insights from websites, social media, and other digital channels to tell you about customer perception of your products? Or an LPG distributor can accurately predict cooking gas usage in his area of operations with the help of predictive models and accordingly adjust his inventory stocks? And these are just the tip of the iceberg.
- Build a data intelligence strategy- In his LinkedIn article, our Founder Sumanth Vakada writes, “Intelligence Strategy in the present-day scenario is the most critical foundational aspect of Software Development.
The concept of this strategy is to treat every single data point generated in the course of your business as the raw material to build the synapses in the virtual brain of your product or organization. The goal is, having an advanced artificial mental capacity to serve your customers better, and ensure that your business is geared for the future.”
You need to create a roadmap for the application of available data intelligence into your products, processes and overall business. That’s when you will understand the intelligence required to be extracted from your data. So, create a solid data intelligence strategy.
Now the bonus tip!
I intentionally missed ‘Building Data Science capabilities with your organization’ while discussing the best practices. While it's good if you can build an in-house data science expertise but that requires serious investments of time, infrastructure and resources. We have a simpler solution in Qualetics, a platform built on Data Intelligence as a Strategy (DIaaS) model. It can help you quickly build advanced data science capabilities while you dedicate your efforts on your core business activities. Here are some of its advantages-
- QUICK IMPLEMENTATION- You can have Qualetics up and running for your business in a few weeks.
- OPERATIONAL FLEXIBILITY- You can access the platform and the available data insights anywhere and anytime. We will build a web-based portal for you to access the platform.
- UPGRADATION- We will keep upgrading the platform to keep in sync with the progress in technology to ensure top performance and increased functionality.
- SECURE- We have built a robust data security mechanism to ensure that your data is secure.
Want to see Qualetics in action? Book a demo by filling the form below and one of our expert consultants will be available for a demo soon.