Taking advantage of Big Data is easier than ever before in today's market. Believe it or not, this model of centralized information structure is sometimes far more suited to small businesses rather than big corporations. Using a central hub and having access to everything at once is one of the best innovations in business today, so what's the real big deal about big data? How … [Read more...] about The Big Deal about Big Data for Small Business
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.
Why Nespresso Became the Apple of the Coffee
Setting the scene. Nespresso, part of the Nestlé Global Group based in Switzerland, is by far my favourite coffee brand. I enjoy four of them every day. Like many industries, the coffee industry has changed over the last years. Single-cup coffee brewing is on the rise, and Nestlé holds almost 30% of the global brewing market systems. Nespresso was founded in 1987, is present … [Read more...] about Why Nespresso Became the Apple of the Coffee
Why Every Business Is A Data Business
Hello friend: I am here to give you a wake-up call. You know that business you have been spending precious time and effort building for 5, 10, 20, 30, 50 or maybe even 100 years? You know, the one that builds widgets or sells professional services or has killer technology or does something that's going to change the world or maybe something not even remotely close to any of … [Read more...] about Why Every Business Is A Data Business
How Analytics Is Evolving Like the Medical Field
It used to be that a doctor was a doctor for the most part. Even a century ago, unless you lived in a large city, people likely had a town doctor who handled most every type of ailment and guided most any type of treatment. Given the limited medical knowledge and lack of sophisticated treatment options during this time, these generalists could often provide a level of care that … [Read more...] about How Analytics Is Evolving Like the Medical Field
6 Steps for Planning Your Big Data Strategy
Big data is only getting bigger. Last year weve collected more information than we did in the whole of human history before that. Even more frightening, that data is doubling every year. Thats a lot of data! That means two things: 1. Ever more can be understood on the basis of big data. 2. The longer you wait with joining the big data the game, the harder it will be for … [Read more...] about 6 Steps for Planning Your Big Data Strategy
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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.
