Fraud charges and $185 million fine “ this was the price of one wrong KPI for Wells Fargo. This notorious case probably induced many companies to double-check their motivation schemes and reach out to BI consulting practitioners. And it's easy to understand these precautions. For many years, Wells Fargo was a role model for many banks that dreamed of repeating their success in … [Read more...] about Wrong KPIs are costly: How to avoid Wells Fargo’s mistake
Strategy
Learn everything about data strategy, what it should include in order to be successful, and how you can develop a data-driven business strategy for your business.
Big Data Analytics is a Survival Tool for Many Organizations
Today's businesses look at technology to improve their performance. New developments in information technology infrastructures have made available new analytical tools to more and more enterprises. One of them, big data analytics, has turned into a must have capability for any modern business in order to thrive and grow. Attracting customers and remaining competitive are goals … [Read more...] about Big Data Analytics is a Survival Tool for Many Organizations
Why is Every Company Turning into a Software firm?
IDC Estimates that by 2020, business transactions on the internet - business-to-business and business-to-consumer “ will reach 450 billion per day. Initially, products and their sales were the basis for any company. But, gradually, the requirements changed and the focus shifted to customers and their requirements. The companies started emphasizing in serving the customers … [Read more...] about Why is Every Company Turning into a Software firm?
The Technology Scene in 2017
As we are in Q3 of 2017, I decided to write an article about the technology landscape to know what to expect in the second half of 2017. We live in a world where everything changes fast, so what I write now may be useless in 1 or 2 years, but at least for the coming months, it may help you to plan your digital IT strategy. M-Commerce is Growing Exponentially The first one that … [Read more...] about The Technology Scene in 2017
What is the Benefit of Modern Data Warehousing?
Access to relevant customer and industry information is the primary competitive advantage businesses have over their direct and indirect competitors today. It's the smartest approach to remaining vigilant in a business environment where competition is at an all-time high. That's where data warehousing comes in. Data warehouses are central repositories of integrated data from … [Read more...] about What is the Benefit of Modern Data Warehousing?
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What is data strategy?
Data strategy, also called analytics strategy or business data strategy, is the organizing principle for an enterprise’s investments in data and data-related technologies. Data strategy provides a framework for thinking through the complex trade-offs in managing data as an enterprise resource.
It helps business leaders make decisions about where to focus their data investments and how to maximize the value of those investments. Want to learn more about data strategy? Datafloq has courses available. Contact us to get started.
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How does data strategy work?
Data strategy starts with a clear understanding of an organization’s business goals. From there, it defines the role that data will play in achieving those goals and outlines a plan for how to get the most value from data. Data strategy is an essential part of any organization’s overall data business strategy.
When done well, it can help organizations make better use of their data and gain a competitive edge. But when executed poorly, it can lead to wasted resources and missed opportunities. Data strategy is not a one-time exercise; it should be revisited regularly as an organization’s business goals and needs evolve.
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What are the four big data strategies?
Big data can be a big help when it comes to making decisions for your business. But how do you make sense of all the data out there? One way is to use the four big data strategies:
- Performance management — Helps you track and improve your business’s performance.
- Data exploration — Helps you understand your data and find hidden patterns.
- Social analytics — Helps you analyze data to understand customer behavior.
- Decision science — Helps you use data to make better decisions.
These strategies can help you get the most out of your data and make better decisions for your business.
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What should a data strategy include?
A data strategy should be designed to help an organization achieve its business goals. It should be aligned with the organization’s overall data business strategy to be effective, considering its unique needs, such as its size, industry, and geographic location.
The data strategy should also define the roles and responsibilities of those responsible for managing the data. Finally, the data strategy should identify the tools and technologies that will be used to collect, store, and analyze the data. By considering these factors, an organization can develop a data strategy to help it meet its business goals.
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What is a big data strategy, and why should companies have the strategy in place?
Big data refers to a large number of data companies have access to. It can come from various sources, including social media, transaction records, and sensors. The challenge for companies is to make sense of this data and use it to improve their business.
A big data strategy helps companies to set goals and priorities for dealing with big data. It also helps them to invest in the right technologies and build the necessary expertise. Companies will struggle to get the most out of their data assets without a big data strategy. They will also be at a competitive disadvantage compared to those companies that have invested in big data.
