How to truly incorporate Big Data at the heart of your company and to move from a product-centric organisation to an information-centric organisation, where decisions are based on hard data and extensive analyses. Where do you start, how do you convince your CEO and which questions do you need to ask? An IBM study revealed that at the moment 71% of the organisations are not … [Read more...] about How To Become An Information-Centric Organisation
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.
How to Define Big Data On Your Balance Sheet
In the old days IT was about saving money, while Big Data is about making money. If Big Data is about making money, it is about creating value and value should be placed on the balance sheet as an asset. A recent study by SAS showed that around 20% of the large UK companies are already assigning financial value to their data on the balance sheet of the company, so more … [Read more...] about How to Define Big Data On Your Balance Sheet
Does Big Data mean Big ROI For Your Organisation?
Big data, like every new technology, needs to be sold to the management in order to be implemented and, like every other technology, needs to show what the return of the investment will be. Many organisations believe that a Big Data strategy requires a big investment with unknown results. Although McKinsey stated that companies using Big Data can increase their operating margin … [Read more...] about Does Big Data mean Big ROI For Your Organisation?
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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.
