What first step should businesses take to extract value from data and make the most of it, especially with a recession on the horizon?
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1.) Getting a clear picture on the surrounding business environment and which (sales) channels will be effected in what way
2.) Thinking about data as a product being sold as well and contributes to the turnover.
Develop churn prediction models and rethink ICP, so CS and marketing efforts can be more focused and impactful
We have no idea what data you have, where it came from, or how it was extracted, so this is a tricky question. However, I believe this response is correct. Everyone else expects you to align it with existing goals and objectives. This will lead to a biased perspective, and all data should be viewed objectively, asking what does this information tell me rather than how can I use it to tell me what I want it to say. During a looming recession, some key questions to ask include: what is my ICP, what are my profit margins with each customer, are there services I should eliminate or double down on, are there customers I should break up with, are there new desires my clients have as a result of the looming recession, and many, many more. I can provide a better answer if you provide context.
1) I think it is important to first understand on a deeper level what churn actually means to your business. Churn is not always recognized or it is over recognized. <br><br>2) We also have to look at different accuracy paradoxes that come up in the data example: The job reports show a strong workforce, but that is because the 473,000 jobs that were eliminated in Tech will not reflect until everyone is officially terminated, which is usually months after they lose access to their emails and tech. <br><br>
One of the first steps businesses should take to extract value from data and make the most of it, especially with a recession on the horizon, is to assess what data they currently have, and identify which data would be most beneficial for their business goals. This includes understanding which data points can provide actionable insights, as well as which data points will give them an edge in decision-making and strategy. Additionally, businesses should focus on understanding customer data, including customer behavior, preferences, and trends, as this will allow them to better understand the market and adapt to changing customer needs.
Data is a priceless asset for any organization throughout the world. Knowing corporate objectives and using data to support them, as well as having an organized approach to gathering, analyzing and applying its insights are key steps in maximizing value from it. By evaluating this intelligence effectively, companies can gain important insights into their operations, pinpoint areas where improvements are needed and make wise decisions about how to tackle financial challenges. The first step, however is structuring the 80% of unstructured data residing in enterprises. While many businesses turn a blind eye to this data, they fail to realize the granular level of historic and predictive insights it can provide. Start by understanding your data - What and where is the data? Who has access? Is it secured and compliant?
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Irrespective of the recession, within the D&A team, we have developed a 6 step framework for selection of use cases. Investing effort in extracting value begins only if the use case passes successfully justifies itself through the 6 step process. We looked around and could not find any ready frameworks, so went ahead and invested time early on in building a custom framework for ourselves, and it has served us well for the past 3 years.