17 Questions You Need to Ask About Your Data Analytics Strategy in 2023
Companies all across the world are beginning to understand the benefits of adopting big data. They can gain crucial insights into their company operations via the thorough examination and synthesis of enormous data sets.
For instance, by analyzing large amounts of consumer data, businesses may better understand what kinds of items their customers might be interested in. Analytics may also help find unrealized opportunities, including expanding into new regions or targeting consumers outside of your typical demographic.
The need for competent personnel in the industry is at an all-time high as companies compete to improve their big data capabilities and expertise. If you’re interested in making a living in this field, the door is wide open for you.
Data analysts, data scientists, database administrators, big data engineers, and experts are some of the most sought-after and in-demand professionals in the industry today. The key to success is understanding what “big data questions” are and what they mean for your business.
17 Important Questions You Need to Ask About Your 2023 Data Strategy
RTS Labs has proved that a well-defined data strategy road map is essential for launching or refining a data analytics and business intelligence initiative. The amount of information gathered by your business increases exponentially as it grows. Because of this tendency, you must find ways to expand your data management beyond the capabilities of a simple spreadsheet.
Your company’s sales, operations, and support functions all contribute to the virtual data warehouse. You can use this consolidated data to make informed business decisions. Data analytics experts at RTS Labs help improve your projects in many ways. Data is used to fine-tune any endeavor, from the introduction of a brand-new product or service to the enhancement of an already successful business venture. In 2023, the following are the most important questions you should answer regarding your data strategy.
1. Is Your Company Vision Properly Communicated?
Your data plans and business strategies must be in sync in 2023. Because if you end up learning crucial information, bring your results to management who are interested but lack the means to turn it into something substantial, the effort will be in vain. As a result, all of your research, analysis, and hard work will have been for nothing.
Be sure you share a common vision with the company and have designated business partners who will put your findings into action.
2. Do You Know How to Get to the Data You Need at Your Company?
You may be using third-party services without realizing that you have access to their data. The majority of today’s third-party software comes with an API or data extraction that may be automated. Data can be pulled quickly and automatically from applications like Salesforce, Workday, and Quickbooks thanks to their respective Application Programming Interfaces (APIs). In the long run, this facilitates automated reporting, which enables the data needs of your company to be fulfilled.
3. What Should Your Company’s Primary Focus be over The Next Two to Three Years?
Once you and the company are on the same page, you can set concrete objectives for your data strategy. Possible examples of this include:
- Decrease expenditures
- Boost the percentage of converted customers in targeted markets
- Enhance customer LTV
- Investigate the features to implement, markets to enter, etc.
Having a set of specific objectives like the ones mentioned above might help your data analytics team focus on the right areas while doing research or drafting reports.
4. Do You have Your Data Spread across Several Systems?
RTS Labs believes that you should have your data spread across several systems that you can access through APIs, FTPs, or databases, such as QuickBooks, Salesforce, Workday, or third-party systems.
Of the multitudes of third-party systems, you’re likely only interested in those that store your company’s customer transactions and interactions. This goes beyond just purchasing history or pattern. Information such as which pages clients visited on your site, how often they visited your site, how many of your products they bought, which emails they opened, etc. are incredibly crucial and invaluable data for your company’s growth.
5. Data Analysis? How Frequently Do You Check Your Tools?
Data analysis software like Excel is already widely used by many businesses. This is a fantastic resource, and it could easily meet the needs of a small or medium-sized business. Your chosen tools and frequency will affect the outcome for your business.
6. Do You Focus only on Financial Data or Also Investigate Operational and Consumer Data?
Financial data is often analyzed by businesses due to its convenience. It’s also the basis for just about all decisions.
In most cases, however, only the results of such activities are shown, not the processes that generated them. And if sales are up, the questions become which products, locations, and target audiences are benefiting from this.
This information would include both financial and consumer information. To successfully merge these datasets, you will require simultaneous access to each of them. Since this information is often kept in separate silos, it may be a source of frustration for many businesses.
7. Do You Have a Single Repository or Processing Hub Where Data From all Your Systems may be Housed and Processed for Easy Integration?
It’s important to have a data warehouse or other centralized data storage solutions for your company’s data strategy. A data warehouse is a centralized repository for large amounts of data, allowing for rapid, exploratory analysis without the need to manually compile multiple, separate Excel files, thus improving your business operations.
8. What Is the Frequency With Which You Review Your Data?
It’s a good idea to check in on key metrics and sales data frequently in case you need to make any course corrections in response to the ever-changing industry. However, you’ll also want to be prepared to answer any spur-of-the-moment ad hoc inquiries. If your data is spread over separate systems, it will be very difficult to respond to such inquiries.
9. Have You Developed Benchmark Measures or KPI’s To Measure Success?
Metric and key performance indicator (KPI) creation is independent expertise. This task calls for an awareness of the forces that propel your company, as well as the ability to boil those forces down to their essence. Your ability to take action as a company owner is hindered if a key performance indicator (KPI) or measure is too complex.
10. Is There Information You Would Want to Have About Your Company that You Don’t Have Right Now?
Many organizations have trouble answering even the most basic inquiries, such as how frequently certain site elements are used or which days of the week see the most tool used. If you can answer these questions, you’ll be in a better position to make strategic choices that might boost profits or save expenses.
11. Do You Have a Method for Analyzing Data?
Having a plan or procedure for how you want to tackle data analytics problems is crucial. Data analytics has the potential to become an unending job. Every inquiry generates another, and soon you’re lost and confused about the original one. For this reason, it’s useful to provide your analysis with a little bit of structure.
12. What Channels of Information Transmission Do You Have at Your Disposal?
Unless you can effectively share your results with the rest of your team, your data analytics plan will fall short. The ability to express ideas clearly and briefly is crucial. It’s possible to do this with the help of some basic measurements, charts, and graphs.
13. Does Your Organization use any Kind of Data Visualization?
You may use a variety of high-end programs, such as Tableau and Microsoft Power BI, to display your data. They aren’t always needed, but when they are, they may be wonderful aids with amazing user interfaces that help you engage your audience. Modern society places a premium on aesthetic appeal, therefore it’s more important than ever to capture the attention of your target audience.
People nowadays are far more critical of the design and effectiveness of charts and graphs than they ever were. What this implies is that you can’t simply throw money at a data visualization software and assume that your poorly conceived layout will be hidden. Take some time to consider the implications of these findings for your team.
14. Does Your Company Use State-Of-The-Art Techniques Like Predictive Analytics, Machine Learning, and Modeling?
Today’s businesses may benefit greatly from using machine learning, information science, and predictive analysis. For instance, AWS’s visual deep learning networks and sage creator are both accessible through a variety of application programming interfaces. While they may not be exactly what you want, they are excellent samples of available resources.
15. Do You Employ any Data Professionals, such as Data Analysts, Data Scientists, or Data Engineers?
Data-driven decision-making is a strong indicator of the company’s focus. When dealing with data in real-time, it’s essential to routinely request reports, analytics, and metrics from data professionals; irrelevant of your level of expertise.
16. Are You Taking Advantage Of The Scalability Of Cloud Computing?
The cloud’s scalability has made it an integral part of many businesses’ data strategies. If you need more space for your data, you don’t have to purchase a new server. You can now store your data in a little amount of space on AWS or Azure and access it from any location through your Tableau or Power BI application.
Costs have gone down without there being any reduction in the power that servers and business technologies supply because of this adaptability.
17. How Do You Intend to Evaluate the Efficacy of Your Data Strategy?
All of the aforementioned options are available to you. A layer for storing information is built, and it is possible to create visually appealing dashboards and superb ML models are within your reach.
However, you can’t say your project was beneficial if you don’t have a strategy for figuring out which steps in your process were effective. If your team’s only goal is to develop infrastructure for the sake of creating it, you may want to rethink your approach to the project.
After carefully considering and answering these questions, your Big Data business should be well on its way to success. You owe it to your staff and your company to step up your business operations and map out a course to success.
Looking for the right software development partner? RTS Labs has helped hundreds of businesses of all sizes successfully develop the right outsourced custom software for many business needs.
RTS Labs offers cutting-edge software solutions that rapidly improve efficiency and vastly reduce human efforts. You can call or chat with our customer representative today to know more about the solutions we offer.
Get in touch with us today to learn more about how we can help!