Your data is a valuable asset. Especially in todays world of faster consumers, your data needs to be in tip-top shape to target, engage and convert prospects. If not properly maintained, you risk any number of lost opportunities, decreased efficiency, and a negative impact to your bottom line. Marketing data has become so important that 97% of companies feel driven to turn … [Read more...] about What is Poor Data Quality Costing You?
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.
Is Data Quality Essential for Modern Business?
If you wanted to program a computer in the early 1980s, you didnt have the option of coding using a keyboard. You had to create a series of cards, each punched with a pattern of holes. The holes had to be entirely accurate, in both pattern and placement. A typical card contained hundreds of potential positions. Just one error in your card deck would cause the entire card to be … [Read more...] about Is Data Quality Essential for Modern Business?
12 Qualities Your Next Chief Data Officer Should Have
The Chief Data Officer is on the rise! In a 2015 Forrester research of 3005 data analytics decision-makers, 45% said that their company had appointed a Chief Data Officer (CDO). In addition, a survey among 254 CIOs worldwide revealed that 90% of the current CIOs believe that data is changing their business and 92% believe that a CDO could best manage this. Another survey … [Read more...] about 12 Qualities Your Next Chief Data Officer Should Have
7 Benefits of Business Intelligence for SMEs
Business intelligence was usually associated with big corporate businesses, in times when this process required vast human resources and expensive software and tech. Today business intelligence is brought to maximum automation and there are dozens of cheap and free BI software alternatives. Following latest trends that make BI available to small and medium enterprises, in this … [Read more...] about 7 Benefits of Business Intelligence for SMEs
5 Tips for Big Data Governance and your Customers
Data stewardship is not all about limiting risk. It is also about delivering outstanding customer experiences and driving engagement. According to the findings in "The New Rules of the Road: Marketing Data Governance in the Era of Big Data a study by Winterberry Group in collaboration with the Direct Marketing Association (DMA) to accomplish the goals centered on the customer, … [Read more...] about 5 Tips for Big Data Governance and your Customers
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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.
