It doesn't matter how much data businesses collect, unless they are unable to find actionable insights out of it, all data collected is useless. Businesses need strategies to find the most useful insights out of the data collected to take big business moves. Here, in this article we will look at the tips to find these useful insights. These tips will be useful to any Analyst or Data Scientist struggling to find the relevant insights or any business leader aspiring to take the business to the next level. So, let's start.
- Do Not Directly Jump into Data
This is the biggest mistake analysts or Data Scientists do while finding insights out of the raw data. without actually knowing the complete business scenario and the problems they need to work on, they directly jump into exploring data-sets to get the solutions. This is the utter waste of time, indeed.
Analysts and Data Scientists must remember one thing, they need to have the list of the problems or the challenges the business is facing and so accordingly try to find the solutions of these problems in the data-sets. They should have an aim before exploring the data-sets of what answers are they looking for to solve the biggest business challenge.
If you are an analyst or a Data Scientist, before you try to find insights out of the data, have a complete idea of your organization's challenges and discuss in detail with the key thinkers of what answers you need to look for in the data-sets instead of aimlessly finding useless patterns.
- Create Visualization of the Data
Visualizations will play a key role in delivering the most useful insights out of your data. You will experience, by your own, that with good visualizations you will be able to find a lot of hidden insights which were otherwise impossible to find. Effective visualizations will present your data in the most clear way, which will be very easy for you to analyze and find patterns.
If you are an analyst or a Data Scientist and trying to find the insights out of the data, begin exploring your data-set with the most effective statistical techniques and visualization software like Tableau and start delivering key insights to your company in a relatively lesser time.
- Hire Skilled Professionals to work with Data
As a CEO of a company or a Leader in the organization, you must ensure that you have the skilled professional in your Analytics team who are able to deliver the most useful insights to the company. Finding insights is not an easy task, when the process involves using the various technical skills to mine and analyze the data.
Take responsibility as a Leader to hire the most skilled professionals into the organizations to work with the data. Insights are going to play a major role in your business to take it to the next level. So, you can't seriously afford to have low skilled workers for that.
If you are an analyst or a Data Scientist, ensure you possess the requisite skills to mine and analyze the data. You must ensure that you have necessary skills to work with the latest software and technologies like Hadoop or Spark.
- Communicate and Communicate!
Communicate a lot with your team and the key thinkers in the organization about the various expectations they have from the data. Figure out the major areas where the organization need to improve. The situations might arise when you have been given the list of problems to find solutions for. But there could be those scenarios also when you have the data in front of you and you have to frame the necessary questions and find answers from it. You should communicate a lot with your team and the Stakeholders while working on the data to analyze the big business problems and then accordingly seek answers for it. Also, you should communicate regularly with your teammates to ensure you are moving the right direction. A lot of time gets consumed in the entire process of finding insights, so you must keep a regular check on yourself that you are moving the right way while analyzing the data instead of realizing at the end that the method adopted by you did not work. "Collaboration will always give you the most fruitful results at the work place."