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DTPA - J | 2017-18 | Volume 3 | August 2018

never be able to maximise the value of their data. The amount of information flowing our way at any given
moment can be overwhelming. In fact, in 2015, IBM
SO HOW TO GO ABOUT IT?
noted the world creates 2.5 quintillion bytes of data
If you're worried that your business may have missed every single day. Even more startling: at the time, the
the big data boat, you are on the right track. According to company estimated 90 percent of the world's data had
a survey, a majority of today's businesses are “nowhere been created in the last two years alone. Imagine what
close” to recognizing the value, the analytics can bring. we're producing now! To help, try to avoid complex
The reasons are all-too familiar: Lack of vision, lack of analytical goals. Start slow, and learn to trust your data
communication, lack of an actual plan. The good news: through clean, clear results before taking on overly-
you can do something about it. Below are just a few complicated initiatives.
things to keep in mind as you assemble or re-assemble
SO ARE YOU READY TO EMBRACE THE CHANGE?
the strategic big data plan.
When used effectively, analytics do far more than
Data Clean-up: First, you could end-up with validate a company's path to success. They can offer a
dirty data, which is worthless when it comes to new pathway to successful change. If you aren't open to
making good, solid business decisions. using them to their fullest, you'll be compelled to sit out
Second, you could amass tons of amazing data
of the game.
insights that are never utilized by your
executive teams. So, train your team for data Analytics have the power to disrupt nearly every part of
clean-up to ensure that data collection is a today's economy, changing everything from how we run
success because collecting meaningful data is our businesses to the type of businesses we run. Big
as important as its analysis. data is here to stay. Embracing its potential is necessary
as it could lead your company to unimaginable levels of
Data Purity: Many companies don't even know
success.
what types of data they have or whether that
data is accurate or not. If nothing else, your This can also help to drive the cultural change that
data needs to be pure. That means someone encourages decisions based on data rather than the gut
needs to be accountable for keeping it that way. instinct of managers or owners. Participants suggested
that this shift requires the leadership of a numerate
Data CEO: One of the biggest mistakes
CEO who is interested in change, and connecting with
companies make is not having a system in
like-minded people, who can support this process.
place to support their analytics efforts. Who is
managing it? Reporting on it? Gathering the Many businesses struggle to define how data can be
information? Inputting the data? How to do it? used to drive business growth or improve management
How often to report it? And what about post- of operations and risks. Small businesses can seem to
collection? Who analyzes the information, and have advantages here. Their size and agility means
how? If you haven't outlined these processes, they could be well-placed to adopt new practices or
your data will never pay. Getting those systems change their approach quickly. However, this process
in place on front end is very important before requires time and space to think about strategy and
your information gathering even starts. future planning. This presents particular difficulty for
smaller businesses, as they are often heavily focused
Establishing Clear and Simple Data Goals: If on day-to-day operations and don't usually have the
you don't know what you're trying to find, you'll time to focus on these questions.
never find it. Make time to answer questions
like: How will we measure success, Big Data is getting really big and opening-up
effectiveness, and value? And even more plethora of opportunities for professional and
importantly, what will we do with the information empowering them by presenting fantastic
when we find it? Keep your goals simple, at opportunities to exhibit their analytical skills in a
least initially. powerful way.

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