10.24.22 Executive Data Bytes – At the crossroads of business needs & analytics - How does one keep the focus?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are exploring the meeting point between data analytics and business needs. 

Focus piece: “Why every business needs a data and analytics strategy”

Executive Summary

When it comes to data strategy, many businesses get caught up in the Big Data buzz and collect as much data as possible, without considering what to do with it. This article written by Bernard Marr explains how data is becoming a key business asset, and why every business needs to have a robust data strategy.

Key Takeaways

• Every business should start with strategy, not data, and should focus on the data it really needs to achieve its goals. This means defining the key challenges and business-critical questions that need answering, and then collecting and analyzing the data that will help you answer them.
• The perception among business executives that data analytics is purely an IT matter is outdated. Businesses need a company-wide data strategy that focuses on how data can help them reach their long-term strategic goals.
• Using data strategically means finding the exact, specific pieces of data that will best benefit your organization.
• Big Data is providing information we couldn't have dreamed of collecting or analyzing just a few short years ago, and companies that develop robust data and analytics strategies will succeed.

Focus piece: “4 strategies to improve the relevance of your business using Data Science”

Executive Summary

Businesses are battling to keep up with the changes brought on by the data science revolution, and they simply cannot fall behind given the rising need for data science. This blog from ImaginaryCloud lays out four reasons you need to start utilizing data science to plan for the future of your company.

Key Takeaways

• 59% of businesses around the world are already adopting big data analytics;
• 79% of executives agree that their business will perish if they don’t embrace big data;
• 49% of entrepreneurs agree that big data analytics helps them cut expenses, and 44% confirm they use data science for innovation.
• Data science allows you to have a 360-degree perspective of your customers, which in turn helps you make better decisions and achieve better outcomes.
• Advanced business intelligence and Machine Learning solutions increase KPIs, improve ROI, and improve revenue by analyzing unstructured data.
• Building the data science competency of a company is an ongoing job. As this field develops, professionals will find more and more opportunities to enter the emerging world of data analytics and business intelligence.

Focus piece: “Why data analytics are crucial for your business”

Executive Summary

With so much data at our disposal nowadays, the difficulty lies in knowing how to make use of it. This is where data analytics comes in. This RingCentral blog explores the details of data analytics, and how your business can benefit from it.

Key Takeaways

• Data analytics helps organizations unearth relevant patterns and tendencies from large datasets, and text analytics helps to discover meaningful insights from unstructured text.
• Data analysts use analytics applications to gain useful insights from large datasets. Open-source data analysis tools like Pandas are increasingly commonly used.
• There are four basic types of data analytics: descriptive analytics, predictive analytics, diagnostic analytics, and prescriptive analytics.
• Businesses must plan a strategy before deploying data analytics, determine which data sources they'll be using, which data points they'll be concentrating on, and how they will collect that data. They must also ensure that the quantitative data they collect is relevant and know how to make sense of it. 

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