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Business
A business strategy is a business value-based strategy. Business values should be at the core of business. They are the beliefs, philosophies, and principles that drive the business. The business values are the organisation's DNA.
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Data
Data is the new fuel and AI is the accelerator. Data is essentially the plain facts and statistics collected during the operations of a business. Big Data is generally described as 5Vs: variety, volume, veracity, velocity, and value.
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Solution
In a data-driven approach, decisions are made based on data instead of intuition. A data-driven strategy is based on collecting and analyzing data. It demands that the organization takes a systematic approach.
Business strategy challenges
Every business faces different challenges at different stages and in different industries.
- Customer/Asset lifecycle management
- Business workflow and productivity
- Risk and safety management
- Regulatory compliance management
- Product and service development
- Workforce and business operation planning
- Business integration management
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Data management challenges
Data management is the practice of collecting, organizing, protecting, and storing an organization’s data so it can be analyzed for business decisions.
- Data sources and data silos
- Data volume and velocity
- Data quality control
- Data integration and pipeline automation
- Data system architecture
- Data security and data governance
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Data analytics challenges
Big data and advanced analytics has become a top-of-mind issue for business leaders around the world for very simple reasons.
- Business and data understanding
- Business problem definition
- Data quality and data readiness
- Self-service and agile analytics
- Lack of process and systematic approach
- Lack of skilled resources
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