Data analytics can be a powerful way to transform your business for the better – but only if it’s used properly. Data, on its own, does not have the power to change your business. You need to take the proper steps to transform your data, gain valuable business insights with analytics, and use this information to empower your decision-making processes.
Doing so is the only way to ensure that your company can undergo a successful digital transformation. So how can you make sure your data is turned into good business analytics insights? By following these 5 tips!
1. Implement An Integrated Data Management And Governance Strategy
It’s hard to overemphasize the importance of data management and governance for analytics. Your data must be properly stored, organized, and governed to ensure that it’s easy to understand and analyze – and that only those who are qualified to work with the data have access.
If your goal is to generate consistent, trusted and secure data insights, an integrated data management and governance strategy is absolutely essential – and it cannot exist separately from your company’s technology or business strategy.
2. Put Quality Before Quantity
Would you rather have one piece of useful data, or seven hundred pieces of useless data? The answer is obviously the former – which is why you need to put quality before quantity when collecting data for business analytics.
Sheer volume of data will not help you if the data is unreliable or has not been verified. In fact, relying on the validity of data just because there is a lot of it means you could end up making some completely incorrect assumptions about your business. Always put quality before quantity.
3. Make Sure You Can Trust Your Data (Or You Won’t Use It!)
This goes along with the previous point. To make a data-based decision, you must trust your data – particularly if this decision will have a big effect on your business or your employees. Unless you have trustworthy, high-quality data, you will find that your decision-making abilities are hamstrung by a lack of trust in the reliability of your data.
4. Focus On Updated, Timely Data Whenever Possible
Historical data can be useful for assessing past trends – but if you’re only looking at the past, you can’t think about the future. Do your best to focus not just on historical data, but also gather timely, updated data whenever possible.
5. Establish A Single Point Of Access To Your Data & Analytics
If your data analytics strategy is scattered across multiple tools, it will be hard to gather the insights and information that you need to gain valuable business insights and enable successful digital transformation of your organization. That’s why you should use a central hub to establish a single point of access for enterprise data, analytics and reports.
Follow These 5 Steps And Enable Successful Business Transformation
Digital transformation is not easy – but by following these steps, you can avoid many of the major pitfalls of business analytics, and ensure that your company is able to gain valuable insights that will help change the way you do business.