It seems like you cant go anywhere today without hearing about the importance of big data. But eCommerce companies especially know the importance of the data revolution, simply because of how much of it is available to them. In a certain sense, the fact that all eCommerce companies now collect tons of data actually makes it both more and less important to them. More important … [Read more...] about How to Turn Big Data About Your Ecommerce Customers Into Smart Data that Drives Sales
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.
Sort it Out. The Need for Customer Centric Merchandising Assortments
Retailers are under tremendous pressure because of channel proliferation, fickle consumers, increasing price sensitivity and lack of brand loyalty. In order to attract new customers and retain existing ones, retailers must understand customer tastes, trends, buying patterns and tune merchandise assortments accordingly. Here are a few reasons why building a 'Customer Centric … [Read more...] about Sort it Out. The Need for Customer Centric Merchandising Assortments
How Big Data Will Take The Role of the CIO to the Next Level
Becoming a data-driven organisation is not an easy task and many C-level executives struggle with it, as developing a Big Data strategy is not only about the required IT; it is more about having the right people and culture in place. The right IT environment is required to perform the analysis, but in the end, Big Data is a peoples question. As such, a prerequisite for a … [Read more...] about How Big Data Will Take The Role of the CIO to the Next Level
Top 10 Insights with Datafloq Articles in 2016
2016 has come to an end, so it is time to look back at all the great articles that were published on Datafloq. From artificial intelligence to blockchain and the Internet of Things, our most popular articles covered leading and emerging technology trends. Take a minute and read-up on the articles help you better understand these trends. For 2017, we will continue to publish … [Read more...] about Top 10 Insights with Datafloq Articles in 2016
Why Your Business Should Be Using Qualitative Research
A persons digital behavior can now be tracked better than ever before. From the websites and social media platforms they visit to the mediums they use to access that information, cutting-edge software has been developed to provide companies with virtually endless data about the consumers of today. But while this data may seem like a gold mine, numbers are just one piece of the … [Read more...] about Why Your Business Should Be Using Qualitative Research
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.
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.
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.
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.
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.