“The availability of big data, lightning-fast development of data analytics software, and increasingly inexpensive computing power have further heightened the importance of data-driven strategies for competitive differentiation”, (Irina P, 2018). As organizations become more tech-driven and fast – paced, data science is playing an increasingly big role. It is becoming a universal truth that modern companies are awash with data. The main challenge is no longer data, but the analytic challenge. Data is therefore crude oil that need refining through analytics.
Data driven decision are not limited only to private and NGO, but also the government ministries and parastatals need to utilize data driven decisions. The August 2019 Census in Kenya will provide important data source for the critical development decisions. This will be important for the data scientist interested in data analytics (Descriptive, diagnostic, predictive and prescriptive) for social good. The information, knowledge and insights obtained will drive policies in the delivery of the big 4 agenda. This Census data will be critical for the close monitoring of the big 4 projects, status and gaps left in the healthcare, education, youth employment and development of the marginalized areas.
As mentioned by The Harvard Business review authors, Andre McAfee and Erik Brynjolfsson, Big data has become management revolution. Companies need to transform from being Data denial, data indifferent to data informed and data driven levels. This will organizations to manage what they measure. The companies will look at the business processes improvement (BPI) measures to capitalize on data. The companies will have to identify useful insights where the business can grow and increase revenue, it tells companies about their audience’s interests, allowing them to improve on customer experience. Becoming “data-driven” has been a commonly professed objective for many firms over the past decade or so.
Whether their larger goal is to achieve digital transformation, “compete on analytics,” or become “AI-first,” embracing and successfully managing data in all its forms is an essential prerequisite. Consistent with these goals, companies have attempted to treat data as an important asset, evolve their cultures in a more data-oriented direction, and adjust their strategies to emphasize data and analytics.- Randy Bean
Although the progress towards data – oriented goals is painfully slow there is need for companies to invest in the right mix of data, systems and data analytic talent to realize the potential the analysts can bring to managers. Without the right analytic approach, no amount of investment will translate to insights.
Companies need to strive from being unaware where departments have multiple silos of information to being transformative where information is easy to generate, easy to find and linked to business strategy and decision making.
In today’s world data is a commodity whose value is incalculable. What’s more, every organization, regardless of its size, is generating vast amounts of data, simply as part of being a digital business in the 21st century. They need to find a way to control this data to make better decisions and understand their customers better.