The growing trend toward using big data in small business to large business requires better data collection methods. A developing area of artificial intelligence (AI), explainable AI software, requires a flexible, varied data set. Explainable AI software refers to “the practice of understanding and presenting transparent views into machine learning models.” This means the querent should be able to ask follow-up questions to data model results, set confidence levels and easily and quickly model a variety of results based on different.
Better Data, Better Decisions:
Implementing a wide-ranging data collection process deposited into a central storage location, such as a data lake, improves an organization’s ability to make data-driven decisions. Data quality and quantity plus how an organization uses it, affect its competitive advantage. That competitive advantage comes from better-informed decisions. The chances of decision success raise when based on data over pure intention. The chance of success increases 79 percent with a data-driven decision, says a Helical IT study.
Benefits of Proper Data Collection:
Proper data collection ensures that the appropriate data remains available. It pulls data from a variety of sources and deposits it in a central location. Culling data from sales registers, shelf stock, customer feedback, and other sources provide product and marketing insight. It has some queries for commonly required reports and allows for on the fly queries. It provides Key Performance Indicators (KPIs) as charts or graphs. Many benefits exist to proper data collection design and processes.
It Saves Time:
Management no longer needs to hunt for data. The proper data is already assembled in a data lake or warehouse. Without appropriate data collection processes, a manager wastes work hours searching for information to analyze.
It Increases Return on Assets (ROA):
The cost of automatically assimilating data keeps getting lower, but the returns are high. A Sybase study administered by the University of Texas found that increasing intelligence and remote access to data by 10 percent increase ROA 0.7 percent. That means adding a new data source can result in improved decisions that make you more money. For example, research shows that a business can maximize asset usability and improve an asset’s lifetime by collecting and analyzing data including daily/monthly inspection information, maintenance schedules, and location.
Easier Information Management:
Use of a data lake or warehouse with an intuitive interface and easy-to-use query mechanism lessens the workload on the information technology department. Rather than spending time developing reports for managers, IT gets to spend time more wisely. Managers can create queries on their own. Small businesses without an IT department can also leverage big data by using a Database as a Service (DaaS) that sets up the data collection process and the repository for them. Both options should include an easy-to-use cloud-based mobile app to allow employees and managers personal access to the data from any location.
To get started, set a goal you’d like to reach through better decision making. Determine what data influence that decision. Develop processes to collect it in a central repository with an easily accessible interface. You can increase your return on investment through better data.