By Ryan Hawley, Senior Director of Strategy
Here’s the most obvious statement you’ve ever heard. The internet and e-commerce have forever changed the world we live in, and our professional networks have expanded beyond the people we meet and shake hands with.
Our social network isn’t our friends from school or work; it’s a chronological history of ALL people with whom we’ve connected, dating back to grade school! An auto dealer in Miami sells cars to customers in Dallas. Financial institutions in the United States lend money to businesses in Tokyo! You get the drift.
Through each connection, each “like,” and each transaction, data is constantly collected and stored in volumes beyond comprehension. This ongoing event has turned data into, arguably, the most valuable commodity on Earth.
So, how do you use this data to benefit your business? How do you avoid being overwhelmed in a sea of information?
Here are three questions to ask yourself to sharpen your focus on EFFECTIVELY mining this enormous data landfill
- What metrics matter most to my business and why?
It’s imperative you understand how you measure success within your business. Without a clear GOAL, you’ll be lost chasing data that has little or no impact.
- Will data analysis generate more revenue for my business, or reduce expenses?
Stay committed to data and analysis tools that solve these 2 problems. If you can’t, objectively state that your analysis/tools help you grow revenue, or operate more efficiently, odds are you don’t need them.
- Is my data analysis process REPEATABLE?
Find what works and do it again and again. Ensure you evaluate your data analysis/tools effectiveness with a consistent level of frequency. Remember, what works today, likely won’t impact tomorrow.