Define Data Requirements
Data is available in abundance. We need to know what to look for. To initiate this process, we define the data requirements of the business and the problems to be addressed. A business analyst is involved to quantify available data, and help identify KPIs and objectives early on.
Once the business goals are stated, we begin to gather relevant information from existing databases, data warehouses, and various other internal and external sources. The extracted data is stored in an organised system that ensures consistency, enables collaboration, and saves time.
This is a vital preparatory stage where the collected data is cleaned and validated to enhance its quality as well as accuracy. A lot of unstructured, junk data is pruned and gaps are filled so that misleading information does not lead to unreliable representation.
It is now time to explore and exploit the data through inspection, plotting, and modeling to spot patterns, draw comparisons and generate constructive insights. This deep analysis also provides a foundation for new data exploration.
Based on expert statistical analysis, the data models are evaluated and a predictive technique is used to determine future outcomes. These conclusions are further examined to find one that is most accurate, cost-efficient and favorable to the business.
The solution derived in the optimization stage is now implemented in the business, in line with predefined objectives. The outcomes are monitored and continuous course corrections are performed to exceed business challenges.