High quality interaction with data is the market leaders’ hallmark. Data has become the foundation for groundbreaking concepts like Artificial Intelligence and the Internet of Things. The main goals of using data: products and services upgrade, internal processes optimization and performance improvement, understanding user needs and behavior, monetizing and additional revenue generating.
Everyone understands that it is necessary to work with data, but not everyone understands where to start. Any process should start with setting goals. Before you can start working with data and getting value, it’s necessary to establish long-term and short-term goals for the company (for example increase profits, scale, reduce customer churn and manufacturing defects, understanding customers and the market). Moreover, each team member must know and understand them.
Here are a few guidelines to help you identify a company’s capabilities using data:
An effective solution would be to familiarize yourself with existing cases and look at the other companies’ experience, how they used the data and what result was achieved. A great example is the American company Netflix, which has adopted data mining. The company uses the collected data on the behavior of their customers to form recommendations for films and shows, content, etc. With the help of data company monitors the quality of video playback and it helps to increase the customer service level. Also, Netflix monetizes the received data through advertising partners.
To solve the problem, it is necessary to gather all interested business participants and brainstorm the way. The purpose of this process is to combine business goals and possible use cases of data to achieve a result.
During the brainstorming process, it’s important to answer the following questions: