Today, many companies maintain massive Data Lakes comprising of diverse data sources with varying methodologies, frequencies and depth. Working with this data can be chaotic due to its raw, noisy, biased, and disjointed nature. Consequently, it’s challenging to integrate everything cohesively and derive meaningful insights. Many executives and data users often ask: “What should I do with the data?”
As a result, executives and data users often spend considerable amount of time trying to piece together numerous reports, detracting from valuable decision-making processes – the true value-add. Companies often invest millions in hiring data science experts or external consultants to address this issue. Are you encountering similar challenges? Fusion Analytics offers a more empowering and cost-effective solution that may interest you.
To address this data chaos, our recommended first step is to navigate through the Data Lakes with a direction. Start by asking “What decisions am I trying to make?”. This approach clarifies the most relevant metrics and KPIs needed, enabling more effective utilization of your Data Lakes.
Here are some examples of key decisions:
- Which parts of my business should I prioritize for optional sales return? Which categories? Which customer segments? Which competitors should I focus on?
- Should I continue current marketing activities? How can I assess their effectiveness?
- Is pricing my biggest opportunity? Should I consider adjusting my pricing strategy?
Based on the key decisions, identifying the appropriate metrics becomes more straightforward, guiding you to the most suitable data sources.
Benefits of Leading with Decisions
Reduce Stress
No longer overwhelmed by the sheer volume of diverse data in the Data Lake. Instead, focus time and energy on value-added business decision-making, without stressing over data quality and relevance.
Optimize Resources
By identifying key decisions and selecting the appropriate metrics to address them, businesses can pinpoint the necessary data sources. This targeted approach reduces time and costs, focusing on what would be essential for the business.
Provide Clarity
Clearly outlining decisions and metrics helps streamline efforts across the organization towards what matters most, fostering alignment and efficiency.
Transform Decisions to Metrics
Once the key decisions are confirmed, the next step is to align the right metrics and data sources (inputs) with those decisions (outputs). Discover how Fusion Analytics transforms decisions into Meaningful Metrics through our Data Enrichment engines.
If you’re tired of battling unreliable data and its negative consequences, Fusion Analytics is here to assist. Let’s collaborate and uncover meaningful insights that foster confident decision-marking.
Contact Fusion Analytics – The Metric Improvement Company today for a demonstration.