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The 3 ways organisations use data to drive value
Craig explains the three ways organisations can use data to drive value.
So, what do we mean by value and how confident are you talking about driving value as opposed to just talking about the data itself? Here are the 3 areas where I see organisations driving value.
Through conversation and experience, 3 main areas of value have emerged:
- Improving decision making: where you use data to validate your assumptions and to identify blind spots you might have.
- Improving operations: where you use data to identify where your processes can be optimised, to change your operating model and to make real-time interventions to drive better outcomes.
- Monetisation of data: where you package up and sell your data to others, either directly or via an agreed interface.
As I hope you are beginning to see, there is a big difference between having data and driving value from data.
This article is from the online course:
Introduction to Data for Business Leaders
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