By Mike Hattub, Chief Operating Officer, AnalyticsIQ, Inc.
As data becomes more and more readily available in the marketing world, the ability to sift through everything to find value is a never-ending process for both end-users and data compilers/resellers alike. Not only is the sheer volume of data constantly growing, but the depth/breadth of data is expanding as well. One can easily get lost in data very quickly. When this happens, frustration is not far behind. While it is said that ‘all information is good’, it is also true that ‘prioritizing and analyzing information in an optimal manner is imperative’.
As businesses dive into the vast oceans of data, some of the questions one may ask are:
- What data should I be looking at first?
- How do I translate this raw data into something meaningful?
- Can I get to the outcome I need from the data I have?
Having the tools to analyze data assets from both purely statistical and pragmatic business perspectives is the key to being able to take on the data that exist today.
Obviously, end-users need these tools to run their business effectively. However, data and analytics companies also need to use these tools to continuously find additional value in their overall data assets. While value can often be bought by acquiring data sources, great value can often be uncovered with assets already in-house.
These types of discoveries can be hugely valuable since the additional cost is usually negligible. So, with all of this in mind, never stop looking for value because it is there if you know where to look.