More and more businesses are beginning to recognize the value of big data. Quality data can provide decision makers with the information and context they need to make the best choices possible for their company. However, collecting the data is only half the battle. It is also important that businesses use the proper technology and methodology to make the most out of the data. Read this article to learn about how you can get more out of your collected data.
Visualize the Data
One way that you can get more insights out of your collected data is through visualization. As you can imagine, it can be difficult to draw conclusions from data in its raw form. This is particularly true if there is a lot of data or the people who are tasked with interpreting the data are not number-oriented. Visualization will help you convert your collected data into a format that is visually appealing and easier to comprehend. Some examples of technologies that you can use to visualize your data include Google Charts, Excel, and Datawrapper. Any of these tools will make it easy for you to create charts and graphs using the data.
Make Connections Between Different Data
Another way that you get more out of collected data is by making as many connections as possible. For example, you can attempt to make connections between data sourced from within and outside your organization. When it comes to linking data that do not come from the same exact source, the whole can be greater than the sum of its parts.
Take the time to find out what data different departments in your organization are collecting. You may find it beneficial to establish processes that will give you the ability to easily access all the data collected within your organization across different departments. That way, it will be easier to identify possible connections and link the data accordingly. Of course, you shouldn’t restrict yourself to making connections between the data collected within your organization. You can also make connections to data collected outside your organization.
Make Sure the Data Is Reliable
A common step that many organizations miss is checking the reliability of the data. Even if you use the best strategies and state-of-the-art technology, you won’t be able to make great insights if your collected data is not actually reliable.
The first thing you should do is take a close look at the data to make sure everything looks reasonable and makes sense. Do descriptive statistics for the collected data. This includes the mean, standard deviation, median, maximum, and minimum. You should also take the time to make sure the data has a normal distribution. However, depending on the nature of the data, another distribution like a binomial distribution may fit the data better. Technologies like Excel will make it possible for you to perform descriptive statistics and check the distribution of the data.
Chances are, you agree that collecting quality is hard enough. However, your job doesn’t end there. It is essential that you employ good strategies and use the right tools to make the most of the data. For more information about how you can get more out of the collected data, don’t hesitate to contact us.