A practical, down-to-earth analytic approach to Big Data from the Dominic Barton and David Court published in the Harvard Business Review “way back” in 2012 that holds up well today (in fact an appropriate methodology for all IT related projects). The article discusses the three steps to achieving higher performance analyzing data which include:
1) Choosing the right data to analyze and model – This step includes sourcing both external and internal data sources as well as upgrading IT infrastructure and architecture to leverage data usage in the organization.
2) Build models that predict and optimize business outcomes – Focus on the major drivers of performance (including metrics and KPIs) as well as balancing the complexity and simplicity of the tools/models to be used.
3) Transform Your company’s capabilities – Create simple and understandable tools for the folks in the organization that use them (and are consistent with management’s mission and objectives). But be sure to update and enhance the organization’s processes and capabilities to utilize these tools most effectively.
You can find the text of the article here.
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