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by Seven Peaks on Aug 15, 2023 4:10:00 PM
It’s often said that data is the new gold. However, while it might be true that today’s world is driven by data, it’s also true that not all that glitter is gold. Many organizations are sitting on veritable goldmines of data, yet the insights they extract aren’t the 24-carat nuggets they need to empower their business, but are only gold-plating The enigmatic question on every enterprise’s mind, then, is: “We have data, but what is the value?”
Digital Alchemy: Turning Data into Golden Insights
Defining the right insights can transmute raw data into priceless gold. But what happens when organizations fail to find the alchemist’s touch? Let’s delve into some of the reasons why valuable insights might elude your grasp:
1. Misalignment of Strategies:
Things get lost when your data strategy doesn’t align with your business strategy, just like a person seeking treasure without a map.
2. Lack of Data Literacy:
If your crew isn’t conversant in the language of data, how can they decipher the treasure map? Data literacy throughout the organization is vital.
3. Data Silos and Isolated Initiatives:
Imagine each department is a member of your crew who has a piece of the map to the treasure – but nobody is sharing their part. Data and data-powered initiatives need communication and collaboration.
4. Technical Tunnel Vision:
When analytics projects are steered solely by tech aficionados, the business context may disappear into the depths.
Clearing the Hurdles
Fear not, for these bottlenecks are akin to stormy seas – both of which can be navigated. These issues are not technical, and the key lies in realigning your compass and fostering a culture of data empowerment.
Data Democratization
Enable your data scientists and engineers to understand the business by helping them see things from the perspective of your decision-makers. Conversely, have your marketers, financial experts, and other business staff learn the art of data analysis
This is a two-way trade route; data professionals don’t need to become marketers, and marketers don’t need to become data scientists. Instead, let them exchange maps and compasses.
With the various low-code/no-code data analytics tools available, non-technical users can dip their toes into the ocean of data. Equip them with training and support, and you’ll see your organization set sail with full masts.
Break Down the Walls and Share the Bounty
On the high seas, you can’t have each crew member fending for itself. Different departments in an organization often work in isolation, hoarding their data treasures. Encourage people to come together and let insights flow like a strong current through the organization. Correlated insights can unveil the prized location of buried bounty on your treasure map, benefiting all aboard the ship.
Navigating to Treasure Island
Automated reporting and data semantics are your trusted navigational tools to steer through endless oceans of data. Save your crew’s time for strategizing and analyzing, rather than manually charting your course.
Imagine the scene: your organization as a well-crewed ship, your data as the golden treasure, and your insights as the precious jewels. Data analysts ensure the navigational charts are clear and precise, while business stakeholders are skilled in using these charts to find the treasure.
Anchoring at the Golden Shore
In summary, achieving high-carat golden insights requires a well-coordinated voyage. Equip your business stakeholders with the tools and knowledge to harness data. Engage your data team in business meetings to foster mutual understanding and collaboration. Embrace automation and data semantics to ensure that your maps are accurate and trusted.
If you need help getting your company out of the harbor and headed in the right direction, the Seven Peaks team is here to support your journey. We also use advanced analytics tool like Mixpanel to gather insights we need. Find out more about our expert Data & Analysis solutions here.
Damien Velly, VP of Data and Analytics at Seven Peaks
Damien is a strategic innovator and digital product development leader with 8+ years of experience working in the intersection between business, technology and design. As an expert in data and analytics, Damien has developed 20+ products and services, with 15M+ USD total in documentable benefits.