Drilling for Data Gold – Real Value is in Insight
So is data the new gold? Data is a commodity, like gold. Quality is important, like gold. It needs refining to get the most out of it, like gold. But data isn’t valuable, it is everywhere. The value of data is the insight that it can create.
Insights derived from the smart use of good quality data are very powerful. Brands and companies that are able to develop actionable insights, from any level of data will be winners.
But how do you develop data into insights? Here are some suggestions:
1. Measurements – understand what is important to be measured
2. Stakeholders – understand the aspirations and challenges of stakeholders by asking good questions
3. Context – understand the context for the data
4. Hypothesis – craft a few ‘I believe that…’ with qualification ‘If I am right, then…’ statements
5. Integration – establish the relationships between datasets by connecting data from all sources
6. Segmentation – group things that have attributes in common before probing to answer questions
7. Visualization – create visualizations to convey the insight to make it easier to understand and articulate the data story
8. Communication – be a good story-teller and inspire others to see the value and possibilities
9. Optimization – remember that data is ever-changing and that developing insights is an iterative process requiring constant fine-tuning
10. Team – tools don’t produce insight, people do that, so build the right team
We specialize in recruitment and consulting for data technology, and we can help you drill for the gold that is in the data. www.ibisviz.com