In this world of abundant data, it is important to read, understand, utilize & present data effectively for the betterment of business. Statistics says 46% of marketers had difficulty in analyzing the data effectively to gain insights!
Big Data normally linked to Marketing or eCommerce does not necessarily restrict itself to those two. Data in a Manufacturing setup, if effectively utilized can bring in operational efficiency in the production floor due to the fact that we will have a better insight on the entire supply chain.
A study says that 64% of businesses find that big data is changing traditional boundaries and is enabling non-traditional providers to move into their industry. We already see IT and Car manufacturing companies partner to provide driver-less cars. It is no longer the world of domains in silos but is a world of co-existing domains.
For a company to rely on its data, it is important for the following aspects to be taken into consideration:
- Data collection mechanism is appropriate, reliable and learns from the mistakes!
- Data collection cannot be generic but specific to a need – Improve Customer Satisfaction, Optimize dispatch process etc
- Data collected should aid futuristic decisions – facilitate predictions
Data Collection – Identify the collection Purpose, Source of Data, Collection Mechanism
Data Validation – Check accuracy of data to purpose
Data Insights – Understand the data from various sources and relationships. Analyze threadbare to understand the nuances, correlation effects of data
Data Visualization & Action – Most critical aspect is to visualize the insights arrived at in an intuitive, interactive manner aiding decisions
With effective data collection, analysis and visualization, it is easy to make decisions. Once the decision is made, one must plan and get ready to act!
WinVinaya specializes in Data Analytics & Visualization. The case studies section indicates the problems, solution and the business impact of the solution. If you need more insights on our Data Analytics services or would like to share your experiences, please send an eMail us at info@WinVinaya.com.