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Free article of the month
Big Data and Analytics in the COVID-19 Era
Big Data and a Analytics are going to change in this COVID-19 era. I want to share with everyone the same messages that I’m giving my own clients. I’m hoping that this post will help those data teams that aren’t living up to their potential to start creating real value.
Focusing on Value Creation
Data teams need to stop looking for a problem to solve and solve a real business problem. The days of just looking for a business problem to solve or just storing data in the hopes the data team will eventually create value are gone (this shouldn’t have been possible in the first place). If teams aren’t creating any business value, management needs to go back to the business to see how existing and emerging problems can be solved with data.
We need to be focusing on creating models that optimize or improve efficiency. These models should save the company money or improve a process within it. Some examples would be models for pricing optimization, inventory management, ad spend, or customer acquisition.