Since data in the digital age is abundantly available and often free, it is a must for organizations to learn to turn this data into a strategic asset. This requires to not only collect the right data but also apply it effectively to generate long-term business value.
To create a good data strategy, it is important to understand the four templates of data value creation, the new sources and analytical capabilities of big data, the role of causality in data-driven decision making and the risks around data security and privacy.
- New market insights
- Helping to identify the customers that require most attention
- Help organizations to personalize their communications to customers- Identifying contextual patterns.
Strategic Tool Used To Create Impact:
- Data Value Generator