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How Can Data Strategy Strengthen Advanced Analytics?
( go to the article → https://datafloq.com/read/how-can-data-strategy-strengthen-advanced-analytics/9877 )
How do businesses decide where and when to open a new store? How does a courier service track packages in real-time? How do inventory managers decide on quantities for reorders? The common answer to all of these questions – data. Data analytics has advanced so far today that many companies have teams dedicated to just this.According to a study, Analytics grew from $122 billion in 2015 to over $187 billion in 2020. That said, the most complicated aspect isn’t analyzing data but collecting data, cleaning it and getting the required skill support. This is why it is important to develop a sound data strategy. What Is A Data Strategy?Simply put, data strategy refers to a plan for preserving and improving data security, data quality and access to data across the enterprise. A comprehensive data strategy would combine all technical, organizational and compliance measures to make data more trustworthy and, in turn, make data analytics actionable. It includes all the processes, policies, architectures and standards used in data management. A good data strategy should include:· A vision for data management· A strong business reason/case· ...Read More on Datafloq
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