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Obtaining value from your data effectively

JY Pook, Vice President, APAC, Tableau | Oct. 12, 2015
Here's what businesses can do to maximise the benefits from the data that is available to them.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

JY Pook, Tableau
Photo: JY Pook

Data has become an integral aspect of conducting business today. Top-performing organisations have cultures built around data-driven decision making, where self-service analytics is adopted company-wide.

Business leaders are already aware that it is important to equip staff of all levels with effective data analytics tools. The next logical step is to empower all types of users to obtain full value from their data.

Connect the dots
One of the main challenges of working with data is that the information usually comes from different sources and resides in many different places. To get the full picture, data workers need to have access to data from multiple sources. They also need to be able to blend the data and have them analysed and presented in clear and easy- to-understand dashboards that facilitate decision-making.

Effective data analytics and visualisation practices offer users with full access to data, whether the data is residing in on-premise storage space, in the cloud, or both. Organisations that are empowering their staff with access to the right data across multiple sources, encourage employees to become more effective and efficient in their roles.

Blend your data
It can be easy to lose sight of the full potential of what you can derive from the different data types coming from multiple sources, especially with overwhelmingly large quantities of data. For example, a sales dashboard with profit data alone — without territory, demographic or marketing data — provides less value as it only supports a limited range of decision making.

Blending your data from different sources and analysing it on a common field will allow a holistic view of things like goal and performance tracking, at every step of the process. This allows managers and decision-makers to extract the crucial details they need to understand the different segments of businesses.

Find the right ingredients
It is important to choose and add the right metrics for your dashboard. Metrics have to be relevant to the job at hand, but that does not mean you should include everything — you should be highly selective in deciding which metrics have earned a spot on your dashboard.

To decide on the right set of metrics, you need to consider how they can contribute to your objectives and whether each one is truly necessary. Additionally, you need to ensure these contributions can be measured by designing a systematic and ongoing method of measurement. If you are operating in a highly competitive market, you should also consider including third-party market share metrics.

 

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