How Can Data Strategy Strengthen Advanced Analytics?

摘要： The journey of advanced analytics has been a long in development, with many hurdles along the way. Some of the most complicated aspects of data analytics that still remain today are data gathering technologies, data cleansing methods, and skill support for advanced analytics. It has taken years to come to the automated age of business analytics, when even mainstream business users without much technical knowledge are able to use AI or machine learning-enabled self-service analytics.容

Primary Data Challenges Faced by Businesses in the Past

No matter how sophisticated or self-driven an enterprise business intelligence (BI) system is, business users can never extract any value from their advanced analytics or BI activities unless the data they are using is clean, secure, and well-governed. Traditionally, the main challenge has been cleaning and preparing the data gathered from disparate sources like social, mobile, sensors, and web logs. The Data Management challenge has become more complex with the emergence of Big Data and associated technologies like Hadoop and IoT. Now with advanced predictive and prescriptive analytics tools available in the hands of ordinary business users, a lot can happen on the analytics side, but it is not happening because of the poor Data Quality.

What is an Organizational Data Strategy?

Data Strategy, in the simplest definition, indicates a formal plan for improving and preserving Data Quality, data security, and data access across an enterprise. A comprehensive Data Strategy can also outline plans for generating additional revenue streams from data, or plans for using data for competitive advantage. Thus, a well-developed Data Strategy implemented in an organization will include architectures, processes, policies, and standards related to Data Management. A good Data Governance program is vitally important for technologies like big data to succeed, and that is where Data Strategy comes in. In the business world, the term “Data Strategy” indicates a judicious combination of organizational, technical, and compliance measures to elevate the level of trust in the data. The Salesforce article Strengthen Your Business Intelligence with Data Strategy indicates that optimal Data Strategy or Data Governance is the key to data analytics in businesses, and almost 70 percent of executives feel that a separate business unit should be created to handle data products or services.

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