If you are wondering how to start your Data Analytics Journey, Davoy.tech would like to present you Maslow Hierarchy of Data Analytics.
Step:1 Physical Need <> Data Driven Decision
You don’t need fancy models or advanced tools. The first step is to use data to drive your business decisions. For example, instead of just re-order the product your like, you might want to look at historical sales and the inventory level.
Step 2: Security <> Integrated Data
Next step is to get data integrated. This is the most overlooked stage to me. Most companies reported different sales revenue from different departments such as Sales, Marketing, Finance. This is due to different business logic and Silo. We should align on the data definition and data usage before moving up the Pyramid.
Step 3: Social <> Real-time Data
The world is changing fast. To catch up, you need fast data. Many companies are looking March sales in Mid-April as they need to wait for their staffs to pivot and report them. Wouldn’t it be better if we can see it daily?
Step 4: Self-Esteem <> Individual Data
To be able to run advanced models such as Customer Segmentation, RFM in Marketing 5.0, you need individual data points and more profile enrichments.
Step 5: Self-Actualization : Machine Learning
Finally, yeahhh we can use machine learning and Artificial Intelligence to enable your business for competitive advantage.
In reality, most companies, even MNCs, are still struggling with Step 1 or Step 2; some might be in Step 3 or Step 4. However, I can see lots of hypes around ‘AI’ and ‘Machine Learning’. I’d like to remind that we need to set our foundations strong before we can proceed to AI and ML.
If you want to set your foundations right, you can contact us at lin@davoy.tech
