You can have all the data in the world at your fingertips but it doesn’t mean anything, if all you do is store it. And that is a costly affair and a big waste of time, money and lost opportunities of owning a gold mine! Dr Carol Hargreaves of NUS-ISS shares how you can leverage on your data to drive growth and better business outcomes.
There are many examples of how many businesses have used their data to make decisions faster (almost real time), smarter (not gut feel, but listening to the data & what it is telling you) and timely (data also has a use by date)! Using statistical techniques, we are able to run algorithms that identify patterns in the huge data sets. These patterns help businesses identify insights that allow for smarter, faster and timely decisions! For example, Google used search terms by region in the United States to predict flu outbreaks faster than was possible using hospital data.
Big Data Analytics can also help transport-related organisations identify where the next accident is likely to take place and the probability of the accident occurring. This is very useful, as the police, ambulance, fire brigade and re-routing systems can all proactively make decisions based on the information provided by Big Data Analytics. The result is that these units can strategically position themselves so that they are more likely to be at the right place, at the right time, so that the incident is cleared quicker and the patients are transported more quickly to the hospital. The amount of lives and money that can be saved because of the use of Big Data Analytics is huge. This is the gold mine that transportation organisations and hospitals can make better use of.
Taking a first step
More examples can be cited but the most important question is “Where do you start?” The answer is today!
Data Visualisation is key. Building a business intelligence system is the first step in better understanding Big Data. A business intelligence system is typically a dashboard which displays bar charts, pie charts, trend plots, and which in these days, are highly interactive and can tell a story in a few minutes. It is your starting point to understanding key variables and metrics related to your business profitability.
One key thing - whatever you decide to have on your dashboard, make sure it delivers actionable insights. Which means, if the “traffic light system is red, the business user needs to know what to do versus if the traffic light system is green”.
Go Agile
I also recommend taking an agile approach. Here are three simple steps:
- Ask questions.
Start with a business problem, one whose solution is achieveable in a reasonable space of time. Don't be overwhelmed by the data. Instead, focus on the questions and gather insights to help you transform a problem to a business solution.
- Get expert help.
Start small, take baby steps, with someone with experience and the expertise to help you along the way. They can help you to select the tools and techniques to extract actionable knowledge and insights.
- Learn and measure.
Yes, you may fall as you take your first steps. Fall and get up. Take this as a learning journey and improve the process or change the course. Measure the value gained with each step and iterate till you find the answers to the business questions/problems.
Soon, you will be walking confidently, and then running and enjoying the power of Big Data Analytics. You will find your mine, as your profits resemble a gold mine!
NUS-ISS assists businesses with courses that provide Infocomm professionals with a rigorous understanding of enterprise business analytics, from Customer Analytics, Text Analytics, Statistics Bootcamp using R & Tableau,Predictive Analysis, and Optimisation & Resource Utilisation. Courses are accredited under the National Infocomm Competency Framework (NICF) - a joint development by the Infocomm Development Authority (IDA), Singapore Workforce Development Agency (WDA), and industry experts.
To view our Business Analytics courses, please click here.
NICF Beneficiaries of NUS-ISS Enterprise Business Analytics courses:
- "Relevant course materials that are applicable in real business world." (NICF - Customer Analytics, March 2014)
- Tan Li Fern, Manager, ANZ
- "The course allows me to understand the basics of the statistical concept." (NICF - Predictive Analysis - Insights of Trends & Irregularities, March 2014)
- Pauline Koh, Principal Engineer, DSTA,
- "Good insights into theory and application of text analytics." (NICF - Text Analytics, June 2014)
- Chionh Choon Lee, Systems Manager, Oracle
- "Useful practical metrics applicable to work." (NICF - Customer Analytics, July 2014)
- Ng Sze Hui, Business Analyst, ACE Insurance Ltd
- "I like the hands-on workshop and the fact that I can try out the concept during the workshop. The data set used in the workshop is also very applicable." (NICF - Statistics Bootcamp using R & Tableau, July 2014)
- Neo Hwee Kian, Service Program Manager, CISCO
This article is first published in ASME Entrepreneur's Digest, Nov-Dec 2014. It has also been published in IT Society Magazine 2014, Issue 4.