We can see data all around us. Every single business that exists out there is generating a massive volume of data. Unfortunately, they don’t have a clear understanding on how to get the most out of data they have. If you are doing the same, you will be missing out one of the best opportunities that you have. Hence, it is important to make sure that you don’t commit to that mistake. Here are 5 of the best tips shared by Nehal Khan on how to get the most out of your data analytics.
- Understand the areas where you collect data
Before you gather data, you will need to understand where you are generating data. For example, the visitors who browse through your website and customers who purchase products from your store will generate data. You will need to have a strong understanding on these sources of data generation, so that you don’t overlook them at the time of trying to get the most out of data analytics.
- Create a data lake
After you do an analysis and get to know about the areas of data generation, you should think about creating data streams. Along with that, you will need to get data to fall into a data lake. Data lake is the centralized location, where you have all the data. You will be able to get the most out of data that you have stored in the data lake. Along with the data lake, you should create appropriate data streams as well. Then you will not have to focus on any of the manual methods to get the data you want into the data lake. Whenever data is generated, they will come into the data lake.
- Discover problems and solve them with data
Next, you will need to discover problems and solve them with the data you have. It is better to focus on single environment problems, so that you can keep things simple and understand how to get the most out of data. Based on that experience, you can go ahead with solving the complex issues. You might sometimes notice that there is more than one solution for specific problems. In such a situation, you will need to do some analysis and locate the most optimum solution. When you play around with data, you will be able to understand that in the most effective way.
- Set goals
When you achieve successful results in solving problems of your business with data, you will need to think about setting up goals. Based on those goals, you can go ahead and try to solve the problems of your business through data you have.
- Review the performance
You need to come up with the habit of regular reviewing, where you understand how your data is treating your business. Based on that, you can understand how to get the most out of data.