Sometimes change has to be accompanied by numbers. That is the foundation on which the Big Data revolution is built. Without their reassuring presence, there would be little progress. Cold hard numbers are what make the world of business go round. Big Data is increasingly providing more and more intricate insights, but there has to be a Chief Translator of these numbers on the … [Read more...] about The Rise Of The Chief Data Officer
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.
Enhance your CRM Data to Sharpen your Sales Pitch
In the old days, you knew who to contact to make business. There were a few job functions, and a few levels of seniority. A name with job function was usually enough for you to hit the bullseye more often than not. But as businesses diversify and become more complex, this becomes more difficult; and even for the data-aware, old habits die hard. I had an interesting conversation … [Read more...] about Enhance your CRM Data to Sharpen your Sales Pitch
The Impact of Big Data Decisions on Business Valuations
Companies need to face the new normal whereby corporate reputations suffer after mishaps with data under their control. Big Datas undeniable impact on companies goodwill and reputation has permeated the landscape of corporate valuation. Recent research confirms that companies need to face the new normal whereby corporate reputations suffer after mishaps with data under their … [Read more...] about The Impact of Big Data Decisions on Business Valuations
Data Scientists’ Who Needs Them?
In our MBN Solutions blogs, we discuss the issues of how there is a growing skills gap in many organisations in respect of the staff and competencies an organisation needs to fully exploit what is widely referred to as Big Data. This time round, we explore a question we are frequently asked, do we really need a data scientist? If we start by exploring the vast number of … [Read more...] about Data Scientists’ Who Needs Them?
5 Steps to Datafy Your Business and Be Successful
In the fast-changing world, it has become common to create new words by combining two words or linking it to the fication suffix. Examples of these include gamification and the latest is datafication. Datafication is the process of making a business data-driven. It involves collecting (new) data from various sources, storing them in a centralized location, combining them with … [Read more...] about 5 Steps to Datafy Your Business and Be Successful
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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.
