Data Driven | BigData | Analytics

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Analytics Is the Secret Sauce in Data-Driven Operations

Businesses produce thousands of data points each day: Transaction records, inventory data, social media interactions, marketing statistics, etc. The challenge, though, is leveraging all this data to enable your organization to be more agile, to facilitate growth, and to make better decisions faster. Businesses that do this efficiently are known as “data-driven companies.” In these companies, opinions and hunches aren’t enough; decisions must be backed up with data. How do data-driven businesses accomplish this? They know that collecting the right data is critical for success. In fact, one survey found that more than half of companies haven’t fully embraced data-driven marketing due to inaccurate and/or low-quality data. Yet, accurate data is just one piece of the puzzle. Beyond data accuracy, these companies know which data sources to use, how that data will be used to inform business decisions, and how to display and distribute data so that it’s easy to digest. Transforming your organization into a data-driven operation might sound like a time-consuming project. But it’s absolutely worth the investment. Research has shown that data-driven decision making can more quickly grow sales, eliminate waste, improve agility and productivity, and lead to better precision. How can your business get started?

Making Data Analytics Work for You – Instead of the Other Way Around via McKinsey Quarterly

Making Data Analytics Work for You – Instead of the Other Way Around via McKinsey Quarterly

The key to data-driven decision making is having the reins on your analytics solution. To do this, authors Helen Mayhew, Tamim Saleh, and Simon Williams write, businesses should start by asking the right questions that will be answered by the data. Plus, business should also look for “small points of difference to amplify and exploit,” noting how small adjustments can have huge impact. For instance, they use the metaphor of Olympic runner Thomas Burke, whose low four-point stance helped him win Olympic gold in 1896. As you begin to develop and plan a data-driven culture transformation for your organization, you’ll find plenty of insights and inspiration in this article.

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34 Business Intelligence Pros Reveal Their Top Tips for Creating a Data-Driven Culture via NG Data

34 Business Intelligence Pros Reveal Their Top Tips for Creating a Data-Driven Culture via NG Data

What do the top professional in Big Data and Analytics have to say about data-driven culture? A lot. If you’ve new to the subject, or looking for some inspiration, start here. Today’s top marketing pros and technologists discuss their ideas for how to transform your business into a lean, mean data-driven machine. A few common themes: You must first start with the right data and have buy in from all departments and all stakeholders. Once you’ve moved past this, contributors offer insights into a range of topics, including how you can go about refining your data operations, tips for rolling out a transformation successfully, and ideas for troubleshooting common issues.

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From Insight to Action: How Data-Driven Marketing Is Supporting Big Decisions via Think With Google

From Insight to Action: How Data-Driven Marketing Is Supporting Big Decisions via Think With Google

This Google article, which summarizes a joint MIT Technology Review report, offers a quick overview of how you can shape culture in your workplace, the benefits of using data in your decision making, and the three challenges business face in rolling out data initiatives. A few examples from Progressive Insurance’s data operations are also highlighted. For example, when the insurance giant originally released their mobile app, data proved to them that buyers wanted more than just information; they also wanted to buy insurance via the app. Without data, their app wouldn’t have properly served their customers.

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The Evolution of Decision Making: How Leading Organizations Are Adopting a Data-Driven Culture via Harvard Business Review

The Evolution of Decision Making: How Leading Organizations Are Adopting a Data-Driven Culture via Harvard Business Review

This Harvard Business Review report offers a broad overview of corporate decision making. First, the authors cover how many business approach decision-making now and the downfalls of traditional intuition-based decision making. Then, they dig deep into how a data-informed culture can transform operations. A few benefits include: Cost reduction, reduced risks, increased productivity, finding new solutions to old problems, and faster time-to-action. Beyond this, the report also provides a thoughtful 5-step overview of how data-driven businesses evolve, as well as how leadership is the key to facilitating a company-wide data-driven culture.

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10 Elements of a Successful Data-Driven Marketing Strategy via Entrepreneur Magazine

10 Elements of a Successful Data-Driven Marketing Strategy via Entrepreneur Magazine

Marketing is one area in which data-driven decisions has shown real promise. Marketers that utilize data can fine tune their results, providing highly precise messaging to individual customers. Additionally, data informs A/B tests, provides insights into what types of messages will resonate, and helps marketers better understand ideal times to send marketing messages. How can you do that? Author John Rampton provides 10 tips for incorporating data into your marketing process. The process, Rampton writes, starts with assembling the right team of stakeholders, before mining data to identify key insights into your audience.

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