Art of data – Find your mojo
Data insights are an organization’s treasure, which can help increase sales and revenue. The actionable steps that it suggests can have lasting impact of changing human lifestyle. As with any fortune, it needs to be preserved and managed well. It can aid in finding the true mojo.
- Main Objective: The company needs to decide its goal. Whether it is to increase user experience or expand into new market or invent a new product, it’s extremely important to understand why we are looking. This can help in figuring what should we look for.
- Opportunity: Once we have the data, we need to identify the useful information which can help us attain our goal. We need to preserve it with proper governance. This could be challenging as data comes in different forms – structured and unstructured. As new data are explored, existing process of storing and managing the data needs to be enhanced.
- Jack it up: The most creative and crucial part of the strategy is to identify the information that can disrupt the norm. Any change from the potential customer’s habit is a good offering. A good data strategy will look for enhancing the current routine.
- Openness: The data is only as good as the analyst who interprets it. It’s important to educate to the right people with right tools so they can act on the data. If we democratize the data, providing people easy access with needed restrictions, they will be able to create recommendations and experience unique to customers. This will be the most invaluable asset to an organization.
A powerful data strategy will position an organization to deliver best possible solution as it grows and evolves. Data Strategy is a road-map and means to address both existing and future data management needs. Go ahead and find your mojo!
By: Jaya Kuppuswamy