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How to use big data to maximize user value
Today, big data has become an important asset for businesses, and the criteria for evaluating whether a company is doing well are no longer limited to profits, cash flow, and business model, but also include an important indicator - whether it has good enough data and the ability to process it.

So how do you make sure you're collecting the right data and maximizing the use of the data you're already processing?

First, consider a broader concept of metrics

We see future trends that are happening within organizations in many metrics. However, it is much more common for organizations to spend a lot of time and money on delving too y into an issue when such depth is not necessary. Imagine: do you really need to measure the problem to five decimal places? Or would a more generalized metric suffice? The advantage of such a broader metric is that it doesn't try to explain what's wrong within your organization.

Second, data should be received more quickly

It's more true that data is more valuable to you when it's received more quickly than when it's accurate. So, even within the same organization, your need for speed can vary for different data. And the point is that the data needs to arrive faster than the pressures and risks your organization is facing.

Third, leadership should be aligned with the company's strategy

We need to establish ways of doing the most important things and evaluate our performance accordingly. For example, imagine that your strategy centers on entering new markets for performance growth. When you look at the performance of these initiatives, for example: the volume of sales in the new market area or the number of new customers you attracted outside of your existing market area. All of this data should be more valuable than measures taken under another strategy. However, for a business with multiple store locations, this will be a challenge because you may have a newly established business unit that is entering the market, while at the same time, another business unit has been in that market for a long time, and then they will be fighting for customer share. So, even within the same business, you need to develop different strategies. You should have a "visual trigger" when leadership examines the data so they know when to "cross the line" and move from a "market penetration strategy" to a "customer share" strategy. "customer share" strategy.

Fourth, be clear about how to use the data you already have

You should always be able to find data within your organization that tells you about a project's progress through the stages of Input-Conversion-Output. input-conversion-output" phases.