New product development is a misleading term. Despite having the word development in it, NPD is a multifaceted process with many stages. Essentially, it starts with recognizing an opportunity and ends with delivering a product to the market, so the key steps commonly include: Outlining the strategy Generating ideas Fleshing out the concept Gathering business … [Read more...] about Understanding the Value of Customer-Centric NPD
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.
Emerging Currency Markets to Shift from Series Models to Deep Learning
Industry analysts agree that artificial intelligence and big data have had a profound effect on the global financial industry. The financial analytics market is projected to reach $11.4 billion within the next three years. This statistic has been cited numerous times since it was first published by MarketsandMarkets. As compelling as this statistic is, it glosses over many of … [Read more...] about Emerging Currency Markets to Shift from Series Models to Deep Learning
Do you have an Artificial Intelligence Strategy?
A data strategy is not enough. You need an AI strategy to compete in this era of automation. Most leading business strategists and AI-enabled businesses cite the importance of a full-fledged strategy to build Artificial Intelligence (AI) capabilities in an organization. New advancements in the field of AI are auguring exciting developments in the business world. OpenAI's GPT 3 … [Read more...] about Do you have an Artificial Intelligence Strategy?
What to expect after PSM certification?
Once you get a PSM certification, you become eligible to apply as a candidate to various organizations that use Scrum methodology in optimizing their team's performance. With PSM certification and proper experience level in using Scrum, any individual can apply for the position of Scrum Master or Scrum Coach or even Product owner. But at the same time, it is imperative that … [Read more...] about What to expect after PSM certification?
Why and how Nokia changed the game with people analytics
The article was originally published on Hyperight.com. What happens when a company grows so rapidly and its employee base increases three-fold? If you don't do it right, the culture will eat your strategy for breakfast, according to Mark Hayton, responsible for HR analytics and employee surveys at Nokia. Nokia's journey in the past 5 years has been a turbulent one, to say the … [Read more...] about Why and how Nokia changed the game with people analytics
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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.
