Data science might not be seen as the most creative of pursuits. You add a load of data into a repository, and you crunch it the other end to draw your conclusions. Data in, data out, where is the scope for creativity there? It is not like you are working with a blank canvas. For me, the definition of creativity is when you are able to make something out of nothing. This … [Read more...] about Why Creativity is Crucial in Data Science
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.
Understanding the Human Side of Big Data
The idea of "Big Data" has generated a lot of hype, especially in recent years as the variety of data sources increases and affordable new data tools appear. While success with big data analytics is not guaranteed, the chance for discovering operational improvements from your own data still makes it attractive. It's been estimated that a large retailer can increase margins by … [Read more...] about Understanding the Human Side of Big Data
Future-Proof: Data-Driven Marketing’Predictions for 2017
We recently spoke with Daniel Cantorna, Head of Data Products at ICLP, to give us his insights with regards to the future of big data in 2017 and his specialty which is data driven marketing. Daniel has worked on marketing automation programmes and has architected solutions to collect, store and understand customer data, as well as having created several data products that … [Read more...] about Future-Proof: Data-Driven Marketing’Predictions for 2017
Three Unexpected Benefits Big Data Offers Small Companies
With everything written about Big Data, it might seem that Big Data is only really relevant for large corporations who have massive amounts of data, have access to multiple data sources and have the time and money to develop a Big Data strategy. While it is indeed the case that still primarily large corporations are working with Big Data, Big Data also offers significant … [Read more...] about Three Unexpected Benefits Big Data Offers Small Companies
Journey Science in Telecom: Take Customer Experience to the Next Level
Journey Science, being derived from connected data from different customer activities, has become pivotal for the telecommunications industry, providing the means to drastically improve the customer experience and retention. It has the ability to link together scattered pieces of data, and enhance a telco businesss objectives. Siloed approaches are becoming obsolete take call … [Read more...] about Journey Science in Telecom: Take Customer Experience to the Next Level
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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.
