Data and Data Science capabilities are strategic assets for a business.
Under what conditions can a company achieve competitive advantage from such an asset?
First of all the asset in question must be valuable for the company, which is quite obvious in case of data. However, it is to be noted that the value of an asset to a company depends upon the strategic business decisions that the company has made.
In the business understanding phase, it is interesting to understand how data and analytics can provide value and whether it would do the same in the context of competitors' strategy.
The second set of criteria to gain competitive advantage is that the competitors either must not possess the asset, or must not be able to obtain the same value from it.
Can the company take advantage of it's data due to Data Analytics?
DATA ANALYTICS PROJECT PROPOSALS
Ideas for improving business decisions through Data Analytics (https://www.agilytics.in), may come from any direction. The company should be prepared to evaluate these project proposals. Each stage in the process reveal questions that should be asked both in formulation and evaluation:
>> Is the business problem well specified? Does the Data Analytics solution solve the problem?
>>Is it clear how one would evaluate a solution?
>>Would one be able to see the evidence of success before making an investment in deployment?
>> Does the company have the required data assets?
For example for supervised data modeling, are there actually labelled training data? Is the company ready to invest in the assets if it does not have it yet?
How to evaluate or propose a Data Model?
e.g. At Agilytics, we understand that Linear Regression is not a good choice for modeling a categorical target variable. Rather one should use a classification method, such as tree induction, logistic regression, k-NN (k nearest neighbor) and so on.
For more information and Data Analytics project proposal for your business, do contact us at bd@agilytics.in
Agilytics,
Together We Reach The Goal.