4 A = APPLY ANALYTICS
When you are clear about your strategy, then you know what target you are trying to hit. That target also brings clarity to what metrics and data you will need to collect in order to answer your SMART questions. Between the traditional internal structured data of financial records, databases and KPIs and the newer unstructured often-external data of weather data, CCTV video footage and sensor data, business is literally drowning in the stuff.
In the previous chapters I discussed how we collect the data, but having the data is not enough. You need to apply analytics so that you turn the data into meaningful business insights that can help you to execute your strategy and improve performance.
Data and analytics go hand in hand. After all, there is no point creating new and ever-expanding data collection opportunities, methods and capabilities if we don't then do something with that data or learn something new from it. As such the field of analytics is growing in line with the growth of data.
Remember in the last chapter we explored the 4 V's of Big Data: volume, velocity, variety and veracity. Analytics provide the fifth and perhaps most important V of Big Data – Value.
When we manage the volume, velocity, variety and veracity of data properly by applying analytics we can create unprecedented value that can help to shape strategy and inform decision-making.
Evolution of analytics
Like Big Data itself, the analytics evolution has been made possible by ...
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