What is the value of your data? Information Technology (IT) professionals have made a living off of data management, storage and reports. Analytics platforms: making sense of data can be a key skill for successful executives today.
Comparing Analytics Platforms
Do you remember when the Chief Information Officer (CIO) position was started? You might have guessed that the concept started to gain momentum with the IBM computers of the 1980s. The history of Chief Information Officers shows how data has become more valuable and crucial to modern business success.
Originally, the title was not at the senior executive board level, but more at the level of the IT manager. In 1990s, there were only 10% of IT departments that used the CIO title, according to MIS Magazine. The primary skill of the CIO was number-crunching of electronic data.
When data analysis was no longer simply ordered by individual managers, but the Chief Executive Officer (CEO), then the CIO position gained more prominence. The CIO elevation is a sign of the importance of Analytics Platforms as part of the particular company’s business model.
GIGO: Garbage In, Garbage Out
With the emergence of data, mathematical terminology has become the norm. Data management is partially based on the application of certain basic mathematical principles. One of the most popular concept has the acronym of GIGO for Garbage In, Garbage Out.
The quality of your Analytics Platform is only as good as the data: Garbage In, Garbage Out. How do you properly measure the quality of your data?
IBM programmer George Fuechsel is credited with the GIGO saying. He summarized the fact that a computer just processes data. It takes commands and delivers results.
The real important element of Analytics Platforms is your purpose. What do you want to learn from the data? What do you plan on doing with this Business Intelligence (BI)?
Searching Algorithm Expertise
What is the business model of Google? In their Google WebMaster Tools, the search engine explains that their goal is to match the most relevant websites with keywords. So, in a sense, Google’s business is making sense of data.
If businesses want to leverage the power of Google Analytics, they can sign up with their cloud enterprise data warehouse called Google BigQuery. Why would a business choose Google’s Analytics Platform?
Google’s entire business model is predicated on properly structuring queries and finding the right match. They are experts at making sense of data.
Why Successful Leaders Must Master Data Analytics
If the Internet is key to your business success, then you need to master data analytics, according to Forbes. You need to understand what your customer wants and how he will go about searching for it online. Data is created everywhere, every second of every day.
Successful businesses anticipate consumer wants
If you can anticipate your customer’s wants and needs, then you can run a successful business. Of course, the right data queries can help you reveal this valuable information. Successful online juggernauts, like Google, Amazon and Microsoft have mastered this skill already.
Forbes explains that managers need to use predictive analytics to discover patterns in data. They must understand the difference between correlation and causation. This can help a business understand marketing efficacy. Customer Relationship Management (CRM) software can also be useful.
The World Wide Web has increased the stakes for all businesses. Now, you must compete with companies that can move as fast as a smartphone text. If you are not responding in real-time, your customer might click to your competitor before you can blink.
You might not have the IT expertise to stay relevant, but the cloud does. Should you go with an Analytics Platform startup or with an industry leader? Google knows the Internet, Google’s business model is making sense of data.