5 strategies for converting Big Data into actionable insights
ModelingStatisticsposted by Naveen Joshi April 12, 2018 Naveen Joshi
The strategy to turn the raw data into actionable insights is to integrate and analyze data from all data sources to reach better and optimized business decisions.
The word “big” in big data refers to the huge volume of data involved. Big data technologies aim at storing, analyzing, querying, and updating large chunks of data coming from different areas. It is important to turn this massive amount of data into actionable insights to obtain better decisions for companies. Actionable insights are created by analyzing processed data and drawing conclusions. Actionable insights drive an action, especially the ones that make you rethink something and push you in a new direction. With growing data sources, it is necessary to transform data into insights; else it may lead to a data overload.
Strategies for transforming data into actionable insights
To produce actionable insights you require clarity on your business and its products, your value proposition, the content on your website, and your plan for marketing..Data analysts and scientists are necessary to identify crucial information and build insights for your organization. The list below shows ways to turn big data into actionable insights:
1. Data visualization
It is necessary not only to have data but also to analyze and synthesize it. Synthesis of data enables you to find patterns. After figuring out patterns, it is necessary to bring data into visualization. Data visualizations help analyze more the relevant information amidst variables, capture and communicate patterns, and build predictive models. Data visualization is an important step to identify patterns and trends, which are otherwise ignored. Data visualization helps find insights more accurately when compared to tabular data.
2. Pattern recognition
Pattern recognition is one of the important steps in turning data into actionable insights, which helps to go from information to knowledge. It is important to understand that not all the patterns are germane. The potential implications of each pattern must be reviewed accurately and must answer all questions about the patterns.
3. Insight articulation
Insight articulation is articulating the insight that emerged out of each pattern. This strategy helps capture insights and place it on a flip chart, which enables you to track each insight.
4. Insight incubation
This strategy is a crucial one, which states that you and your team must be given some time away from the board. This helps you take a fresh look at identifying the insights and states the need for changes if any.
5. Reaction assimilation
After determining insights, it is necessary to gather the reactions of all the concerned workers who were involved during the initial stages. This helps decide whether the insights resonate and compel the user enough enough to make key decisions. Turning data into actionable insights is a difficult process, but fortunately there are many strategies that help professionals to go from data to actionable insights. Professionals need to have a detailed guideline for working with data accurately.