It is no secret that we are in the middle of the fourth industrial revolution. Data is one of the most valuable assets any company has. Netflix, for example, collects an incredible amount of data from its platform. It knows what you watch when you watch it and how you watch it. They use this to make decisions on what content they acquire, what content they make and what content they discontinue.

That is just one example of how a business truly gets value from data. To gain true value from your data considers these 5 things:

Make Data Accessible - Business users have a greater demand for self-service access to data without the reliance on IT. Make sure your Analytics strategy empowers users by giving them access to data from a wide variety of sources in a self-service capacity.

Use All Data - Today data is in many formats; Traditional structured data, unstructured data, 3rd party data, and even IoT generated. Make sure you have processes and technologies to collect, share and analyze this data.

Help Tell Data Stories - Humans process images better than words. The same is true for data. Allowing users to visually explore and display data, leads to better insight, value and greater adoption of technology. Make sure your tools easily help business users ask the right questions of their data and highlight trends visually to drive smarter decisions.

Use the Machine - Machine Learning, Predictive Analytics and Natural Language Processing (NLP) are prevalent today. Merging business expertise and with those cutting edge technologies will lead to better, more powerful business insights. Create a competitive advantage against your peers.

Governance - With the demand for greater amounts and variety of data, the need has strong quality and governance policies need to be implemented. I would go as far as to say a Data Ethics Committee should be appointed which comprises of IT and business.

Consider the 5 points above when you are addressing your Analytics roadmap. We have worked with many of the worlds smartest companies to advise them on that journey. We would be happy to help you.

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