Acquiring data is easy nowadays. To make it useful, though, you need to develop a coherent plan for data usage.
Data is everywhere. Therefore, the problem businesses often face is not how to get more data, but how to use data that they already have. In practical terms, how can you use data science to extract actionable insights that will boost your team’s performance and grow revenue? Let’s analyze this question in detail.
DEFINE YOUR GOALS AND IDENTIFY SOURCES
First of all, developing a strategy for your data usage should start with questions about your larger goals. What do you want to achieve in the first place? The end goal of any business is to generate more revenue, but how best to get there? To harness the power of data science, you need a measurable goal.
Let’s say you’re working in a marketing department. You’ve just wrapped up a successful campaign and would like to build on that success with the next one. You measure your success by the engagement ratio, including click-throughs, social media shares, and sign-ups, because those metrics directly influence sales. So your goal should be to boost the relevant statistics — your outreach numbers, including engagement. You now have a tangible, measurable goal to start with.
After you define a clear goal, it’s time to look at data sources that might be relevant to your project. You can look at both internal and external sources for useful data. In our example, previous campaigns and statistics would constitute internal sources, and reports on users’ engagement divided by demographics and market, other companies’ marketing campaigns, and social media data might be good external sources.
The key here is to define one or more clear, measurable goals fir