Connecting Data and Actionable Insights
With the number of accessible data sources increasing each day, data overload issues are on the rise. To align businesses with the plan of action and objectives of organizations, data needs to made valuable. For this, just generating massive data sets will not help; interpretation of the generated data is essential, better still if done in ‘real-time'. In addition, insights that just answer questions are not as profitable as those that help one advance to a new path by challenging the whole point of view behind a specific decision. This is what is called actionable insights, and therefore, amplifying these kinds of insights will boost data-driven success.
Insights will take an organization towards a path where it wants to go by finding new customers, enhancing customer maintenance and service, enhancing marketing and sales endeavors, and tracking social media engagement adequately. On the other hand, actionable insights help enhance processes of business by eliminating inefficiencies relating to money and time prompting to achieving an improved return on investments.
With insights and actionable insights defined and distinguished, here is proceeding to the characteristics and parameters that decide how actionable data insights are. These are specificity, novelty, alignment, context, relevance, and clarity.
Sending the right insights to the ideal individuals at the ideal time will diminish the level of subjectivity identified with their pertinence and prompt appropriate actions. Besides, an insight is deemed actionable only when it can appropriately depict with details regarding why a specific event has happened. The most significant aspect as to how and why insight can help organizations includes clarity and effective communication.
A harmony between traditional databases and big data solutions ought to be brought about. This unification will prompt a superior control of collection, administration, and analysis of data. Presently, sophisticated data collection and analysis through blockchain and IoT is empowering the generation of actionable insights to fabricate competitive advantage.