Data in itself is not an asset, it is a commodity and it is everywhere. It’s what you can do with it and what meaning you can derive from it that constitutes the asset.
This is an argument that is as prevalent as ever – and which I agree with – as organizations continue to face the onslaught of data from all angles in all shapes and sizes, but also the relentless messaging put out about the need to capitalize on data if they are to survive.
Well, if I were a chief marketing officer at a retailer or a chief revenue officer at a utility provider starting out on my journey, I could be excused for not knowing where to start. One thing is for certain: over the years, I wouldn’t have the time nor the interest to learn new systems or to tweak raw data myself. The onus therefore has to be on providing me with simple guides to ensure I make something of the data fast; that I get to that asset of information, not just a string of ones and zeros.
And yet, data in its purest form does not tell us much. Let’s take the following example imagining I am that retailer marketing professional and I receive the following dataset on takings in my stores: 23,453; 34,222; 12,435; 44,545; 28,774. These figures constitute data, but what can I make of it? Nothing really. There are no details on unit, nor currency, the daily average or the amount of stores included in these figures. I would have to use some analysis to derive the value of this data, such as seasonality, YoY deviation, weather, stock levels or my customers. And I would have to know how to pull in such other sources of information in order to correlate, contrast and analyze it against my takings figures. In other words, trying to find value intrinsic in the data without any analysis is futile and won’t get me anywhere.
That’s where Actian’s recently announced Clear Path program can come in to help. The program sets out clear blueprints of how companies in a wide range of verticals can use tried and tested analytic methodologies to help them understand where to start when challenged with turning their data into valuable information. Think of them as detailed maps that guide you on a journey from A to B. Just as a sailor headed from the UK to the US wouldn’t just set sail without a set of charts, maps and weather conditions, business professionals and data analysts alike can now take the blueprints and use them to turn their data volumes into valuable insights that they can act on in order to improve their business, whether it be increasing customer acquisition levels, offering unparalleled customer service or stemming customer churn.
The blueprints themselves can be delivered in several ways. You can download the methodologies for free, use the analytics workflows with your data sets, or request a workshop with our data scientists to customize the blueprints based on your specific needs.
So, if you continue to be deluged by data and messaging about the need to get value from it, then get the maps, charts, diagrams and guides that you need to help you take the next step or even just start on your analytic journey.
There’s never been a better time to start turning your data from just another commodity into a valuable asset, and we’ll show you how. If nothing else, watch this video to learn more.