The general population is not used to interacting with data and analytics and interpreting results. With the COVID-19 crisis, millions of people are now becoming armchair analysts and they have plenty of time on their hands to practice their newfound analytical skills . Add to this a media industry that loves to put forth shocking headlines to grab clicks and a social media … [Read more...] about Avoiding Analytical Malpractice With COVID-19
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.
Why You Should Prioritize Data Transformation Above Other Digital Transformation Initiatives
Chance are you're aiming to invest in a BI and analytics program to capitalize on the big data your company has been acquiring over the years. But before you spend millions on opting for expensive BI programs, take a step back and ask yourself three questions: Do I have data I can trust? Do I understand my data? Do I have a data transformation & data quality … [Read more...] about Why You Should Prioritize Data Transformation Above Other Digital Transformation Initiatives
Tips for effective negotiation by video conference
We are dealing with unprecedented events, but we still need to step up, adapt and deliver. During this time when we are unable to meet face-to-face, we have a responsibility to secure our businesses and ensure deliverables for society to continue. Negotiation itself will still need to continue; in fact, it may even increase in the short-term as we undertake renegotiation of … [Read more...] about Tips for effective negotiation by video conference
Demonstrating Leadership or managing response in times of Crisis
In the present scenario, the Coronavirus crisis is unfolding over an arc of time with a beginning, middle and end. The actions of executives and their teams now, in the midst of this crisis, will significantly determine their destiny. For nearly two decades, it is observed that public and private-sector executives are in high-stakes, high-pressure situations. The crises are … [Read more...] about Demonstrating Leadership or managing response in times of Crisis
In Data-Driven Organisations, IT should be the Driver for Innovation
The world is changing faster than ever before, which was already the case before this terrible COVID-19 pandemic. The Coronavirus is a typical Black Swan that is changing the game forever. Although several people and organisation saw this pandemic coming and warned us extensively, we did not do enough to prevent it from happening. As a result, for the majority of the people and … [Read more...] about In Data-Driven Organisations, IT should be the Driver for Innovation
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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.
