Turn your company into a data science-driven business in 6 steps
Transforming your business with (big) data analytics and data-driven insights is not a one-time event, but a journey. Here are 6 steps to help enterprises become data-science driven business and enjoy benefits along the way.
By Hardik Gohil, Softweb Solutions
The 3Vs of big data (Volume, Velocity, and Variety) are growing exponentially and enterprises that prioritize data science are winning. Terms like “data science” or “data scientist” remain somewhat of a mystery for businesses that are not IT-driven. However, such organizations can digitalize their businesses by following some of the recipes used by market leaders.
Being just a data-driven business is not enough
Not only a data-driven business, but companies today need to transform into a data science-driven enterprise with predictive capabilities. No matter what industry you’re in, acquiring and analyzing new and existing data will help you reveal fresh insights into market trends, understand your customers better, increase productivity and optimize operations to cut costs, provide fresh insights into customer and market trends, and uncover new sources of economic value. But the billion dollar question is: does your business have a big data and analytics strategy to achieve this—now and in the future also?
Every journey starts with a plan
To transform into a data science-driven enterprise, you will require strategic thinking and planning to capture and manage a wide range of data types from various sources, and then quickly analyze that data for a better understanding. To uncover rich insights for better decision-making, organizations need to move big data and analytics to the center of their businesses.
There can be a number of use cases but your data science strategy should not be confined to a particular one. The strategy must be embedded into different organizational processes so that everyone (and every system) gain insights required to respond to business demands followed by a solid action plan.
Here are the simple steps identified by Softweb Solutions that will help you take initiatives and propel your organization forward. You can start with (possibly) a single use case, gain knowledge, understand the impacts of possible scenarios and strategies, and then implement a solution on a larger scale.
- Explore opportunities
- Look for more data sources and explore data
- Introduce new technologies, inject analytics, and drive business intelligence
- Develop an implementation plan
- Explore new ways to use your data by expanding to additional use cases
- Transform to a data-driven enterprise