Data Insights
Data insights are gained by analysing information on a particular issue in order to gain a deep understanding of it. Organisations are able to make better decisions through this deep understanding than by relying on gut instinct alone.
Examples of Data Insights
Depending on the industry and department of an organisation, data insights will vary. In any case, here are four key data insights examples that can be applied to many teams.
Data insights allow you to:
- Improve performance by optimising processes.
- Add new revenue streams by discovering new markets, products, or services.
- Reduce loss by balancing risk and reward.
- Increase customer loyalty and lifetime value by better understanding them.
How to Get Data Insights
In order to get actionable insights from data, it is typically necessary to first define objectives, collect, integrate, manage, analyse, and share data.
Define business objectives
It begins with stakeholders clearly defining objectives, such as improving production processes or choosing the most effective marketing campaigns, as in the example above.
Data collection
In an ideal world, raw source data would already be collected and stored. Otherwise, the organisation will need to establish a systematic data collection process.
Data integration & management
Using data integration, source data must be transformed into clean, analytics-ready information. The process involves replicating, ingesting, and transforming data into standardised formats that are then stored in a data lake or data warehouse.
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