Businesses need to come up with the best ways to be the most productive when it comes to their information, analysis, and plans. By being organized and learning about the most effective way to gather information and come up with insights, you can improve the profit and daily productivity of your company!
3 ideas about data strategies – learn about good vs. bad data!
Idea #1: learn about bad data
One of the main ideas that you need to learn about when it comes to forming data strategies is the concept of BAD data. Bad data is what happens when businesses try to let the data be the only factor that helps in forming the data strategy, instead of the business helping to create a data strategy method before gathering data. If you let data be the driving factor in shaping your business strategy, it can lead to confusion and mismanagement.
Basically, bad data is when a company invests in getting insights from the data without understanding how this information will help the company be any better than they were before. If you gather data without any purpose, the data will be virtually useless. Furthermore, bad data is when a company hires an analyst to ‘read’ data without having outcomes in their plan. If you use a professional to analyze data, but they don’t have any clear goals or results that can arise from using the data, you are working backward.
Idea #2: learn about good data
The second idea to keep in mind when coming up with data strategies is to utilize good data. Good data requires businesses to start from the top – not the other way around. The top typically includes forming a company strategy – what do you want to achieve? Next, formulate a data strategy – this includes how you want to use your data and the overarching goals.
Finally, you can put the data strategy into action. The final step includes coming up with an action, gathering the data, analyzing the information, learning about insights from the data, and making decisions about what to do next.
Idea #3: implement the data strategy!
The final step as we just mentioned includes action, data, information, insight, and decision. These steps are all key in coming up with the best way to proceed with your business.
- Action – This step refers to what step you want to take next in your data strategy plan. Come up with a tangible action to perform, such as “offering a better deal on sneakers.”
- Decision – This step typically refers to how you want to put your actionable step into place. Who do you want to offer discounts to and why?
- Insight – This step refers to the type of customers that will be your target market for your data strategy.
- Data – Analyze the data to see how you can influence your data strategy to become more effective.
Brainstorming the best data strategies lets you come up with a foolproof way to build your data journey correctly. By identifying good data vs. bad data, you can follow the proper step in the right order to comprise a meaningful and organized data strategy.