From data to business value
Data is nothing without its chance to be transformed into value. However sophisticated and accurate our model is, whatever profound insights we manage to unveil, data will make a difference only when it finally drives some action that positively impacts the business. The bad news is that driving actions might be quite complex and often more difficult than building a powerful data capability. The good news is that we have not just one but multiple ways to impact the business with analytics: we call them data-to-value paths. It's important to have them clear in our mind before we start working on data, so that we can maximize the business relevance of what we build right from the start. The three most frequent data-to-value paths you can encounter in business are:
- Ad hoc analytics: In this case, you use data to influence a specific decision or to shed light on a unique opportunity or threat. This is the most time-consuming path to follow, as it...
