Data Analytics: Setting the Foundation for a Data-driven Business
White Paper by ABS Group
Data Analytics and Big Data have revolutionized many industries. However, these technologies have yet to manifest their full potential to deliver significant improvements in organizational performance and safety across a wide variety of applications. Early adoption has been driven by the recent, rapid decrease in the cost of advanced sensors, the expansion of wide area communication networks, the availability of high data storage capacity and ever-increasing computer processing power.
This white paper is structured around the seven (7) key factors required to succeed in Data Analytics. The first two (2) components are concerned with establishing the vision and capability for Data Analytics in the enterprise and putting in place a strategic planning process. The next four (4) components concern the execution of individual Data Analytics functional tasks. These focus on assessing the best Data Analytics approach to solving a problem, gathering the appropriate data, analyzing it and executing the appropriate response to the insights found. The final component is continuous improvement, a critical process that will help ensure the ongoing success of Data Analytics within an organization.
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