So how can you make your information work for you?
First, take a look at your operations and processes, especially in areas where you face complex decisions. Analytics can uncover new angles and help you make informed decisions.
Assemble a team and choose a technology system to begin leveraging data wisely; you don’t need an army of data scientists. Be sure to get the green light from stakeholders, and then appoint a project manager to oversee the process. Using data analytics doesn’t have to be prohibitively expensive. Most organizations use the cloud for fast big data processing, but integrate results with existing legacy systems.
Many cheap or reasonable tools are available for analytics, and your IT department can use open source programming for statistical analysis, predictive modeling and geographic mapping. To manage data, they can use databases like MySQL, PostgreSQL and Hadoop.
If you’re just beginning, start with less complex projects, such as analyzing typical behaviors. After gaining and applying your insights, you may decide to do more ambitious data analytics projects. In time, you’ll be a data master, able to predict the success or failure of products, and making complex decisions about adding new organizational lines.