Building and maintaining a data-driven business is the only way to ensure your long-term success in today’s increasingly digital commerce landscape. This involves more than just hiring a team of IT professionals or buying the latest data analytics tools – it requires improving your employees’ Data Literacy skills as well. Data-driven organizations must capture time-bound […]
Why Data Storytelling Matters to Data Scientists
In an increasingly data-driven world, companies worldwide have transformed the way they operate. Much of this is thanks to their ability to access a volume of data that was not available in the past. However, more recently, organizations have realized that simply collecting data is not enough, with many struggling to master the language of data. […]
Innovative Ways to Use Data Visualization
Data is an integral aspect of every organization across all industries. However, presenting data is a crucial exercise that requires a lot of creativity to ensure that every team member can grasp the meaning of the content. Many people get confused about how to find valuable insights from a large volume of data in a spreadsheet. That’s […]
Data-Driven Innovation: How to Establish an Effective Metrics Framework
Innovation is big business. Whether it is R&D, talent, or physical infrastructure – see the numerous fancy “innovation centers” that are rolled out on a yearly basis – companies pour millions of dollars into their innovation efforts annually. But there is one key difference that separates innovation from every other department in an organization: metrics. […]
CDOs Harness Flood of External Data for Smarter Decision-Making
The first chief data officer (CDO) was appointed at Capital One in 2002. Although just 12% of Fortune 500 companies had a CDO a decade later, more than two-thirds of major companies employ CDOs now. Companies generate unfathomable amounts of information – one credible estimate compares the daily data output to 166,000 times the data contained in the Library of Congress. […]
5 Best Practices to Reap the Benefits of Data Democratization
In the digital age, the success, growth, and maximization of opportunities of an organization depend on insights gained from data. Analytics and business intelligence (ABI) tools enable organizations to drive greater meaning from their data to protect revenue streams, minimize risk, adapt to rapidly changing business environments, and better serve their customers. In many cases, […]
5 Ways Data Leaders Can Improve Data Reliability
Businesses today collect and store an astonishing amount of data. According to estimates from IDC, 163 zettabytes of data will have been created worldwide by 2025. However, this data is not always useful to business leaders until it is organized to be of higher quality and reliability. Despite its importance to effective data analysis, most business leaders […]
What Data Practitioners Need to Know (and Do) About Common Language
“Unless and until all members of a team have a common understanding of the problem, attempts to solve the problem are just so much wasted energy.” –Gerald M. Weinberg [1] In March 2019, one of us (Thomas C. Redman) served as the judge in a mock trial of a data architect (played by Laura Sebastian Coleman) […]
Small and Medium-Sized Businesses Need Self-Serve Advanced Analytics
If your small or medium-sized business (SMB) is looking for ways to improve forecasting, problem-solving, and market opportunities, it must embrace self-service advanced analytics that allow business users to leverage their role, their knowledge of their business function, and their collaborative initiatives to gather, analyze, and share information and improve business results. According to Gartner, natural […]
How to Maximize IT Talent and Become a Data-Driven Organization
Organizations across the world are striving to be data-driven and use data more effectively to inform decision-making at every level of the business. However, according to the 2021 Big Data and AI Executive Survey from NewVantage Partners, only 40% of companies today manage their data as if it were a business asset. In other words, ambition is […]