Data is valuable only when we turn it into action.
But why do businesses use data to support the decisions they make? Why? Data is valuable only if it helps a company to make better decisions.
A company might be sitting on a large data pile, but that data is useless if your company can't translate it into meaningful insights to drive one's business.
Below are some important points to do that:
1. Define the data:
Gaining successful insights means figuring out what you want from your data i.e. finding its value.
a. Context: What are you trying to achieve? Who is invested in the project's results?
b. Need: What specific needs could be addressed by intelligently using data?
c. Vision: What will meeting the need with data look like? What is the logic behind the solution?
d. Outcome: How and by whom will the result be used and integrated into the company? How is the success of the project can be measured?
2. Building the framework:
Multiple graphs, charts, and tables can be developed using the data:
a. Sketch: Find your inspiration
Data conversation can be started using pen and paper.
Design concepts and overall ideas can be jot down for the desired outcome.
b. Prepare: Do your data homework
It starts with pen and paper and develops as one dig into the data and visualization software.
Following ideas can be considered to approach the data:
a. Filtering: Get rid of the unnecessary distractions and focus on the most interesting topic.
b. Sorting: Rank data by importance.
c. Grouping and segmentation: Segregate data and segment into different groups.
d. Visualizing: Bring data to life using intuitive visuals.
3. From data to action:
Turning data into insights which are actionable is an unstructured process. This can be accomplished through a variety of methods.
It can be approached creatively. One need to establish some guidelines, for working effectively with data.
Thankyou for Reading.