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Data Analytics Tips for Business Leaders

Data Analytics Tips for the Emerging Business Leader

data_analysisIt is now common knowledge that effective data management can translate into profitable monetization. Running big data, analytics and data strategy is no longer a technical process that only involves data scientists. Several tools in the market have made the process of storage and presentation simpler, enabling the sharing of data to the rest of the organization. This is enabled by the easy translation of data by the available systems that have easy presentation tools. Therefore, even small businesses can have good business intelligent tools to maximize their highest potential in data analytics.

The type of your data influences the game plan of data management and marketing strategies. To avoid being held back by false misconceptions, read on to get basic info on the four data elements – big data, data strategy and data analytics to acquire smart data for your organization.

Simple Data

With this data, the information can be inputted without requiring conglomerates and indexes, since the info is straightforward and not large. However, businesses should not invest in limited content management systems to house their simple data. You should always have the future in mind. As the organization grows, so does the clientele and data. With time, your simple data will graduate to higher levels of data and you do not have to go back to the drawing board to change your systems when you can just start with a system that enables growth.

Big Data

If your traditional data storage methods have ceased to be capable of storing your organization’s data, then you are dealing with big data. Businesses can turn around their marketing strategies for the good once the employees learn how to organize and manage the data. This involves presenting the right information to the rest of the company, especially to the managers and CEO’s as they lead the strategy. The presentation of assumptions can cause losses since the company can invest in poor marketing techniques.

Diversified Data

This is data derived from several sources, but has not grown to the level of complex data. The amount of information is still not huge but entails smaller sets of data. The challenge of this data is to connect the available information. This can be solved by having a relational CMS.

Complex Data

These are larger sets of data derived from various, different sources. Complex data is the most challenging form when it comes to its organization and management; hence, business owners are obliged to involve in-house or outsourced data scientists and to invest in third party tools.

With the complexities that complex data can bring, organizations have learnt that using single tools that are capable of storing large amounts of data simplifies the process, over having multiple tools. Simple tools also enable easier and effective communication across various departments regarding the customer profiles. The employees are able to easily access, interpret and present the data, not having to wait upon IT professionals to do the work for them.

 

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