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BEST PRACTICES & STRATEGIES

Figure 1: How long does it take from the invention of an algorithm or the creation of a data set to successful application?
Source: https://www.kdnuggets.com/2016/05/datasets-over-algorithms.html

Incidentally, this shows the difference between a data  Why do I want to use the data
alchemist and a data scientist. A data alchemist
wonders: what data do I have to extract information  How should I refine the data?
from? A data scientist thinks: what data do I need to get
the information I need - and how do I get that data?  What kind of data sources do I have to tap for
Successful data-driven marketing therefore clearly information?
requires a data strategy!
But let’s get back again to the data oil analogy, since
every analogy has its point of failure: A barrel of oil
Data strategy before data campaigning always has (approximately) the same composition and
therefore a (nearly) constant (fuel) value. However, the
You need to know what you want to do with your data (information) value of one gigabyte of data depends
so that you can decide what data you should collect. firstly on the concrete composition of the data and
Because without strategy you might go anywhere - just secondly on the respective utilization goal.
not where you want to go. Because both your company goals and your company
data are individual, you need an individual data
Certainly, you know the phrase "data is the new oil", strategy to create value for your company from your
from the British mathematician and architect of Tesco's data. However, neither Big Data tools nor AI technology
Clubcard, Clive Humby, which is kind of true and at the can help you develop an individual and successful data
same time wrong. Yes, data drives businesses and strategy.
increases their productivity - just as you can run your
diesel or gasoline engine with oil - but you need to As a tool you need first and foremost your head and
refine data for information before you can use it. that of your colleagues. ◊
By Daniela La Marca
Consequently, a data strategy deals with the questions:

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