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Formulating a Strategic Big Data Plan through Data Science Training
Every organization takes time to attain a huge volume of important data which it refers back to for daily decision-making. From the inception to the current day, the organizations record every move and transaction and keep piling up valuable data over a period of time. With the introduction of modern tech in the businesses - like smartphones, social media, and sensors - the data collected by organizations have multiplied tremendously. Now organizations do not only have to deal with the massive volume of data but also variety and varsity.
The challenge is to continue using the data in the most efficient way possible. The data, which is now available in massive amounts, must be strategically utilized to enable organizations to generate insights that were previously not possible. This is where a strategic big data plan could help you leverage the potential.
Why Big Data is Important
By formulating a strategic big data plan, an organization can set up the building blocks of data, tools, analytical models, and people to make the most out of the modern tech. The impact is rising, and so is the desire to gain maximum benefits out of the data collected on a daily basis. But unless you have an effective plan in hand, the piled-up data is nothing but a matter of concern for businesses. Thus, implementing big data analytics becomes imperative. And to deal with the complex process of implementing the strategy, it is crucial to offer data science training and certifications such as Hadoop fundamentals and Microsoft Power Bi to the employees to make it more relevant to the system.
Steps to Formulate a Strategic Big Data Plan
The key to formulating a plan is to maximize the use of data collected to make more informed and wise business decisions. While there are various proven benefits of big data, businesses are constantly striving to find out the best and most effective way to incorporate the strategies across the organization.
Here are some steps that will aid you in formulating a lasting big data strategy that works.
Identifying Your Business Core Values
To shape an excellent strategy right from the beginning, you need to focus on the ultimate vision of your organization. The end goal determines the plan and has the biggest impact. This is where you decide whether you want to improve revenues, increase operational efficiency, boost customer reps, improve marketing, or keep up with customer satisfaction. Set up a smart and practical goal and keep it as precise as possible. If you do stay direct and certain you will end up in confusion. So, keep the core values of the organization in mind to choose a methodology, pick up the right data sources, and train the employees accordingly.
Utilize a Proven Big Data Strategy
There are four methods to help you establish a big data strategy. As mentioned earlier, keep the business vision in mind and the availability of data to find successful results.
- Performance Management: As the name suggests, this proven strategy involves transactional data related to the customer to help you increase operational efficiency and improve store management. Data like inventory levels, turnover, and customer purchase history can be used to get further insights for both short and long-term decision-making.
- Social Analytics: This revolves around the non-transactional data collected from various sources like review sites and social media platforms such as Facebook. The insights are based on data collected from in-between reviews and conversations. This method focusses on three primary sources – word-of-mouth, engagement, and awareness. This information is important for making future predictions related to the demand and supply of certain products and services.
- Data Exploration: This is exactly what the name suggests – getting into the details of data to narrow it down to only relevant and valuable data for the organization. The approach uses research and data mining to find correlations and solutions that may not be available with the in-house collected data.
The data available through exploration gives more realistic details on customer's preferences, behavior, and purchase patterns.
The success of any organization lies with how satisfied its customers are. And that's the focus for the big data strategy. It is directed to generate insights to look deeper into what customers are looking for. Big data strategy helps implement customer-oriented marketing methods to capture bigger revenues. The key is to connect with your customers on a more personal level and to help them solve problems. This will naturally translate into more money without even putting any effort.
Big data can help get that valuable data from the customers, so it can be used to improve current marketing tactics. Employees who are given big data training also understand the fine line between privacy abuse and data gathering. This will keep the organization's morals intact without compromising on the information they are looking for.
Without training, it is natural for the staff to find the statistician's insights complex to comprehend on their own. However, with training, they are in a better position to break the big data down into information, insights, and analytics. These pieces can be precisely communicated to the relevant teams for implementation.
Implementing such strategies along with technologies can be overwhelming. It is important to adjust your teams, budget, and ideologies according to the insights you gather. The key is to target the most important and highly impactful plan first and implement changes as per the need. Directing your resources towards the goal that offers you maximum benefit in return is a wise decision every organization must make. Identifying and maximizing the opportunities can be exciting, especially if it involves valuable data, but this also means that companies should consider investing in the big data strategies to convert valuable data into actionable insights for decision making. If you are looking for expert advice for guidance or looking for reliable people to help you train your team to formulate a strategic big data plan, contact one of our Big data Experts right now.