Data to Insights: Driving Business Decisions Effectively

Data is valuable only when we turn it into action.
But why do businesses use data to support the decisions they make? Why? Data is valuable only if it helps a company to make better decisions.
A company might be sitting on a large data pile, but that data is useless if your company can't translate it into meaningful insights to drive one's business.

Below are some important points to do that:

1. Define the data: 

Gaining successful insights means figuring out what you want from your data i.e. finding its value.

a. Context: What are you trying to achieve? Who is invested in the project's results?

b. Need: What specific needs could be addressed by intelligently using data?

c. Vision: What will meeting the need with data look like? What is the logic behind the solution?

d. Outcome: How and by whom will the result be used and integrated into the company? How is the success of the project can be measured?

2. Building the framework:

Multiple graphs, charts, and tables can be developed using the data:

a. Sketch: Find your inspiration
Data conversation can be started using pen and paper.
Design concepts and overall ideas can be jot down for the desired outcome.

b. Prepare: Do your data homework
It starts with pen and paper and develops as one dig into the data and visualization software.

Following ideas can be considered to approach the data:

a. Filtering: Get rid of the unnecessary distractions and focus on the most interesting topic.

b. Sorting: Rank data by importance.

c. Grouping and segmentation: Segregate data and segment into different groups.

d. Visualizing: Bring data to life using intuitive visuals.

3. From data to action:

Turning data into insights which are actionable is an unstructured process. This can be accomplished through a variety of methods.
It can be approached creatively. One need to establish some guidelines, for working effectively with data. 

Thankyou for Reading.