The term 'Big Data' carries weight. Like the 'Internet of Things' it sounds lofty and important. But what is Big Data without context?
Data is simply data, regardless of size. The tools you use to analyze and explore that information are what gives the data importance. You need the ability to convert that data to tangible results. Here’s how you can do this:
1. Define Your Goals
In a recent eBook, we talked about the importance of defining your KPIs and Metrics.
- What questions do you want your data to answer?
- Do you want a greater insight into your current and potential customers?
- Are you seeking a greater understanding of why certain products sell better in specific geographic areas?
- Perhaps you want to identify bottlenecks in the sales cycle?
Defining your company goals by answering questions like these will help you maximize the value you get from your business intelligence (BI) solution. The result is that you’ll gain a better understanding and improved detail about your data.
2. Define Your Priorities
Imagine that you’re starting with a blank canvas. Data lets you figure out how you want to paint that open space. Too much open space, however, can be overwhelming. Jumping into the data pool without strategies can result in messy outcomes. By defining how you want to leverage your data to improve your business, you can better ensure you receive the outcomes you want.
3. Define Your Outcomes
Many authors begin the process of writing a novel knowing how the story will start and end. The space in-between is where the challenges lie. You can approach data in the same way. You want your BI solution to provide you with information which can help your business achieve outcomes that can make a difference to your organization. By understanding what you want to uncover from your data, you can get the most out of your BI tools. Keeping the end in mind is sound strategy.
Data may be concrete, but how you interpret the data is the key to generating maximum value.
Phocas helps businesses figure out the value of data by harnessing the solution’s simple but powerful analytical capabilities to maximize opportunities. Phocas allows you to:
- Gain access to data in just a few seconds
- Identify sales issues, from the local level to internationally
- Study inventory
- Analyze budgets and forecast for the future
- Measure profit margins
- And more!
For more information, click here or the button below to watch a quick video on Phocas.