Data Strategy, the master plan or blueprint for confronting day-to-day business challenges and meeting pre-defined business goals using data, has gained significant traction. More companies are seeing the connection between following Data Strategy best practices and boosting profit.
Gartner estimates that 50% of financial planning and analytics leaders will take charge of developing and refining their Data Strategy. Moreover, corporate annual reports refer to data nearly 80% more often than they did in 2017.
Consequently, the mandate for a well-articulated and executed enterprise Data Strategy developed from best practices will continue with the intent of increasing revenue. To achieve this goal, leaders must mold a Data Strategy into a pattern that enables timely decision-making among all employees, business partners, and customers.
Below are five essential Data Strategy best practices to get you started.
Organizations are generating and consuming data at an astounding rate. The total volume of data and information worldwide rose from approximately 2 Zettabytes (ZB) in 2010 to 74 ZB in 2021, according to online data service Statistica, which predicts that number will grow to 149 ZB by 2024.
With organizations awash in data, there's a growing need to make it digestible, understandable and actionable for humans and not just computers. Data visualization software takes data and turns it into images that can communicate concepts and ideas and in a way that words and numbers alone cannot.
What Is A Data Visualization Tool?
Data visualization tools let users find key insights in data and display them in visual form. The practice involves pulling data from a database and creating dashboards and graphics like pie charts, bar charts, scatter plots, polar area diagrams, heat maps, timelines, ring charts, matrix charts and word clouds, to name a few.
Organizations want Data Governance, a formalized practice that connects different components - roles, processes, communications, metrics, and tools - for its benefits.
Company-wide data represents a resource that will 'become more valuable than people ever anticipated,' according to David McGraw, senior manager in consumer and industrial products at West Monroe.
Advances in generative AI models in 2023 will only increase the popularity and importance of well-governed data and its advantages so data consumers can easily find and understand data. Not only will this kind of information help businesses improve and grow through AI's augmentation, but customers will be able to use it to support training their AI models and product creations.
In this regular column, we'll bring you all the latest industry news centered around our main topics of focus: big data, data science, machine learning, AI, and deep learning.
Our industry is constantly accelerating with new products and services being announced everyday. Fortunately, we're in close touch with vendors from this vast ecosystem, so we're in a unique position to inform you about all that's new and exciting. Our massive industry database is growing all the time so stay tuned for the latest news items describing technology that may make you and your organization more competitive.
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