In today’s digital marketplace, companies are under constant pressure to improve profitability and prompt to seek higher levels of transparency into financial performance and discover insights that can enhance decision making by creating value. Companies have started to understand the value of data but they often lack the ability to turn it into actionable insights for making content decisions.
Big data companies are aiming at storing, analyzing, querying, and updating large chunks of data coming from different organizations and so it becomes essential to turn this massive amount of data into actionable insights to obtain better future decisions.
To spot an actionable insight you should closely look to key business goals, understand why it is important or unique, consider taking your insights to right decision makers and challenges or evolve our current beliefs to reveal new patterns. Look at some of the few ways to turn big data into actionable insights.
Having crucial data is not only important but also you need to analyze and synthesize it. By analyzing the data, it helps you to find patterns which are necessary to bring your data into visualization. By visualization, it helps to analyze more relevant information amidst variables, capture and communication patterns to build predictive models. Visualizing the data is an essential step to identify patterns and trends to help find insights more accurately when compared to tabular data.
After getting the pattern, you are required to recognize the patterns of your collected data. Not all the patterns are germane, so the pattern recognition is very crucial in turning your data into actionable insights that help to go from information to knowledge. Each pattern must be reviewed accurately and potential implications must be applied to answer all the questions related to the patterns.
One should be very much careful while getting an actionable insight from the huge amount of data as it should be closely tied to your key business goals and strategic initiatives to drive more action. Key Performance Indicators are used to figure out your insights and other key metrics inherently to sense an urgency that other data cannot. It is easy to interpret and convert strategically aligned insights into tactical responses as they directly relate to the levers in your business that you are targeting or focused on.
The more specific and complete the insights are the more likely it can help to achieve better decisions. For instance, sometimes insights based on KPIs and other high-level metrics can highlight interesting anomalies but lack sufficient detail to drive immediate action. The insights expected to explain WHY something occurred but if it fails to do that, then it’s not yet actionable. It requires a deeper probing before it is ready for prime-time.
It is of no use if the people are clearly not able to understand the insights from data. It is also essential to adopt communicating insights effectively for the right data visualizations to interpret correctly. Poor communication can cause the signal to be lost in noise which affects the insights while a clear communicated insight creates a strong signal that is hard to miss or ignores for a corrective action to occur.
The Bottom Line
Once, the insights are determined, it is important to gather the reactions of all the concerned teammates who were involved in this procedure during all stages. This provides the guidance in making key decisions from the insights whether it resonates and compelling to the user enough. It is quite difficult to turn data into actionable insights but fortunately, there are many strategies the help data professionals to have actionable insights for further decisions.
We can conclude how your raw data can turn into actionable insights for the future decision-making in any organization. This can help to achieve revenues and create more future opportunities for growth for any company. Actionable insights not only allow you to identify the trends that capture and raise potential issues but also increases productivity and optimizes content investment. This unlocks the potential for gaining actionable insights from the information manager and promotes greater collaboration across the company.