For a more efficient Business or Inventory Management it’s better for every organisation to become more data-driven. Data-drivenness is about building tools, abilities, and, most crucially, a culture that acts on data.
Here are the primary key points to consider before making any decision:
1. Data collection
The right dataset has to be not only trustworthy and relevant to the question, but also timely, accurate, clean and unbiased. Here are some key points to keep in mind when collecting data:
a. The first thing is to choose what details you want from data. You’ll need to decide what topics the information will cover and which questions will be answered – who you want to collect it from and how much data you need. Your goals – what you hope to accomplish using your data – will determine your answers to these questions.
b. In the early stages of your planning process, a timeframe for your data collection should be established and a schedule for when you’ll start and end your data collection.
c. The choice of data collection method should be based on the type of information you want to collect, the timeframe over which you’ll obtain it and the other aspects you determined.
d. Once your plan is finalized, start collecting data and be sure to stick to your plan and check on its progress regularly. You may want to make updates to your plan as conditions change and you get new information.
2. Data cleaning
This step is vital to ensure that the answers you generate are accurate. When collecting data from several streams and with manual input from users, information can carry mistakes, be incorrectly inputted, or have gaps. Data cleaning is not simply about erasing information to make space for new data, but rather finding a way to maximize a data set’s accuracy without necessarily deleting information.
3. Data integration
This step refers to the technical and business processes used to combine data from multiple sources such as web data, social media, machine-generated data, and data from the Internet of Things (IoT), into a single framework to provide a unified, single view of the data. Remember, it’s one thing to have access to lots of data, it’s another to use it. Data is usable when it is accessible, in other words:
a. Joinable: Data must be in a form that can be joined to other enterprise data when necessary.
b. Shareable: There must be a data-sharing culture within the organization so that data can be joined, such as combining customers’ clickstream with their transactional history.
c. Query-able: There must be appropriate tools to query and slice and dice the data. All reporting and analysis requires filtering, grouping, and aggregating data to reduce the large amounts of raw data into a smaller set of higher-level numbers that help our brains comprehend what is happening in a business. Retailers need to be able to see trends or understand differences among customer segments. Analysts have to have tools that allow them to compute those metrics relatively easily.
When are you going to start your Data Science Journey and make Data-Driven decisions? Please do not hesitate to reach out to us for more guidelines