Simplify your data analytics strategy

Simplify your data analytics strategy

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  Simplify Your Analytics Strategy INSIGHTS BY: YOGESH KUMAR
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  STRUGGLE WITH ANALYTICS Incorporating analytics into organizationresults in many benefits. But, few are cautious about it because of its complicate nature while many are struggling with the complexity generated by analytics. 2
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  WHAT TO DO ? Companiesshould pursue a simpler and systematically structured path to uncover the insights from their data. 3
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  STEPS TO SIMPLIFYANALYTICS 1. Accelerate The data . Fast data = fast insight = fast outcomes. 2. Delegate the work to your analytics technologies. 3. Recognize that each path to data insight is unique. 4
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  ACCELERATE DATA Create adata supply chain built on a hybrid technology environment. ▹ Real- time delivery of analytics ▹ Faster execution time. U.S. bank for its customer analytics projects 5
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  DELEGATE WORK TOANALYTICS Next-gen BI and Data Visualization ▹ Right data. ▹ Right time and place. ▹ Displayed in the right visual form. ▹ For each individual authority. 6
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  DELEGATE WORK TOANALYTICS Data discovery ▹ Side-project. ▹ Test data to uncover patterns that are not clearly evident. ▹ More discovery = More opportunities. 7
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  DELEGATE WORK TOANALYTICS Analytics applications ▹ Applications can simplify advanced analytics. ▹ Industry specific and tailored apps. 8
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  DELEGATE WORK TOANALYTICS Machine learning and cognitive computing ▹ Removes much of the human element from the data modeling process. ▹ Allows software intelligence to make even better-informed decisions. 9
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  RECOGNIZE EACH UNIQUEPATH ▹ Analytics include many different elements. ▹ Business nature based approach. ￭ Known problem with known solution. ￭ Known problem with unknown solution. 1 0
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  INSIGHTS Companies need notto be cautious about incorporating analytics because of the complex nature but rather follow a structured simple method. Through this, one can add value to their organization keeping their main focus over their important functions instead trying to analyze the analytics. 1 1
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  INSIGHTS The systematic approachto analytics include few simple paths. First, companies should create a data supply chain on hybrid-tech environment with real-time delivery of analytics. Second, they need to entrust work to analytics technologies with the help of real-time data visualization apps and machine learning. Finally, companies need to distinguish different elements of analytics based on the business problem and tackle it with either known hypothesis based approach or look for any patterns in data. 1 2
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  MANAGERIAL RELEVANCE
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  Data Analytics isstill a new concept (in India) and many usually find it pretty complex. Managers need to ensure that its complexity does not cost their organization too much resources and time. Managers needs to set a structured and simple method for its incorporation by following the discussed steps and try to exploit it upto its potential. Managers need to focus on data supply chain and integrate next-gen analytics and visualization tools for its easy use. Exploiting data will lead to push the decision making down the heirarchy line and make organization more efficient and capable .
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  THANK YOU !