Rich Wagner, president and CEO of Prevedere, shares six guidelines he’s developed based on his own experiences seeing good data left to waste at major enterprises, including the Fortune 500 chemical company where he once worked.
Sourced through Scoop.it from: www.informationweek.com
Leaders are launching Analytics and Big Data projects to help organizational performance. Why? The Economist Intelligence Unit found data-driven companies rate themselves substantially higher in terms of financial success than others do
Rich Wagner, President and CEO of Prevedere provides insight how do to take early moves:
Look forward, not backward: Go solve a business problem as “Executives needed to know what was going to happen, not what had already occurred.”
Determine the question: Be clear on what questions are needed to understand or solve the Business Problem “Before searching for answers, it’s critical to know what key questions your data should answer.”
Rethink your data sources: Many familiar initiatives are internal data yet “I have found nearly 85% of a company’s performance is dependent upon external factors” so how do you acquire this info?
Don’t go it alone: Partner with vendors who have solutions.
Automate: If the experiment was a success, optimize to make it available as a real-time system.
Mind your presentation: Make answers “part of an existing process” rather than a new awkward bolt-on.
Project Teams can work to manage business disruption by following these guidelines and help their organizations transition into data-driven enterprises.