Leon Gordon is a leader in data analytics, a current Microsoft MVP based in the U.K. and a partner at Pomerol Partners.
Data analytics is an emerging trend and has been around for a while. It’s an important tool in business intelligence, decision making and reporting. Organizations use data analytics to find insights to make better decisions and gain a competitive advantage. In this article, I’ll provide an overview of the implementation journey of data analytics in business and finance; I’ll also provide you with a compelling case study of how one organization leveraged its data using big data technologies to improve its performance metrics across various departments like sales, customer service, marketing, etc.
Finding The Needle In The Haystack
One of the most important aspects of data analytics implementation is identifying valuable insights from data. With so much information to sift through, it’s essential to have a partner that can help you find the needle in a haystack.
As we’ve outlined, implementing data analytics is no easy task. Data analysts must be highly skilled and trained in order to succeed at their job effectively. While this might seem like an obvious requirement for someone working in such an important field, there are many other challenges that may arise during implementation.
Finding qualified candidates with the skills required for this type of work can be difficult because there aren’t enough qualified people available yet (this will likely change as more businesses adopt data analytics). This means that companies need to plan ahead when hiring new employees because they may not be able to find anyone who has experience with these types of projects yet—which means longer wait times before results start coming back!
Data Is Gold
Data is the raw material of data analytics and can come from many different sources. Data can be collected from websites, social media, mobile apps, sensors or even other databases. Data can take many forms—structured or unstructured—and it can be analyzed to understand trends and patterns. For example, the weather app on your phone knows that you’re running late for work because it predicts that it will rain later today; your online bank has calculated how much money you spend each month on groceries based on previous transactions, and a retailer’s web server records every time someone visits their website (even if they don’t make a purchase).
Creating Value From Data
Data is a source of competitive advantage. The ability to turn data into insight and action gives you the upper hand in your industry and makes you more attractive as a business partner for suppliers, customers and partners.
Data can be used to make better decisions. The right insights allow you to make smarter business decisions that drive growth or improve efficiency by helping you understand customer behavior, employee engagement and productivity, supplier relationships and risk management.
Data can be used to improve customer experience (CX). Understanding who your customers are before they become customers allows you to provide relevant services at all stages of their journey with your brand—from pre-purchase through life cycle management post-purchase—so that they remain loyal customers over time rather than churning out onto the competition’s doorstep when they need something else from your industry supply chain in another part of town (or country) while continuing shopping online elsewhere!
Data Tells A Story
It’s the most valuable asset of your company. It’s the key to the future, it’s fuel for digital transformation, it’s the new oil and more.
Data is what makes businesses run, and as such, it has become one of the most valuable commodities on earth. We all know that data is a powerful asset: companies will pay anything for access to information about their customers or product usage patterns; governments are investing billions into building up their data infrastructure; people are making careers out of simply analyzing numbers (and getting paid well for it). But there’s so much more we can do with this stuff!
The Implementation Journey In Business And Finance
The data analytics implementation journey begins with the right data. A process that helps you take your company’s data, extract information from it and analyze it is called a “data science” project. Once this is done, the next step is to make a decision based on that analysis. After all, if we can’t interpret the results correctly and put them into practice effectively, what’s the point?
Data analytics doesn’t just help companies make more informed decisions; it also helps them safeguard their investments by providing better risk management strategies for both internal and external stakeholders. It gives businesses an edge over competitors by providing them with advanced technologies such as artificial intelligence (AI), machine learning or user experience design (UXD).
Businesses are looking for partners and consultants who can support them at strategic, implementation and execution stages. Data analytics is a key component of any business strategy. Businesses need to find ways to make sense of the data they have and use it in a way that improves the business.
The implementation journey is the most complex and challenging stage, where businesses require a lot of support for managing their data and making it valuable. Only through strategic planning, implementation and execution can companies extract insights from data to gain a competitive advantage. The business leaders who are willing to invest in analytics solutions today will be able to take advantage of new technologies in the future when they become more affordable or accessible.
Where should these leaders start?
1. Get A Partner: Data analytics is an ongoing process that requires expertise. At the very least, it will require someone with experience finding the right solution for your needs.
2. Consult With Experts: Data analysts know their stuff! They’ll be able to help you understand how it all works and limit any surprises later down the line.
3. Be Patient: Data analytics takes time! It might seem like there isn’t much happening at first, but don’t worry—this is normal.
In the end, data analytics is a simply way of looking at your business from a new perspective. It can help you make better decisions.