How to Improve Your Business with Data in 2022: A Guide
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Chapter 1: Introduction to Data in 2022
Welcome to your weekly digest on Data, AI, and Analytics! In this blog, I sift through the most impactful data stories and highlight what's trending and what's not.
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Customer Spotlight: WPromote
This week, I’m thrilled to highlight WPromote as my Customer of the Week. With over 30,000 jobs processed daily, they have streamlined their operations and saved more than 1,000 hours through automation. The response time for data analytics has dramatically improved from over three weeks to just 30 minutes! Kudos to Paul Dumais, CTO at WPromote, whose team has created a scalable solution leveraging BigQuery, DataStudio, and Looker. I’m excited for you to learn about their Data Journey!
Also, don’t miss the tale of Yves Rocher's MYData initiative. It’s a nostalgic reminder of brands like Yves Rocher and Petit Bateau from my youth. Huge thanks to Stanislas Duthier for the partnership!
Chapter 2: The Data Journey Map
Exploring the 12 Verbs of Data Modernization
Sandeep Uttamchandani, Ph.D., has expertly outlined twelve key verbs essential for data modernization. Here’s a brief overview:
- Discover: Identify existing datasets along with their metadata.
- Aggregate: Gather new structured, semi-structured, or unstructured data from diverse sources.
- Standardize: Utilize standardized metrics for a cohesive source of truth.
- Wrangle: Clean and transform data to generate reliable insights.
- Govern: Ensure compliance in data usage and access.
- Model: Manage a global data namespace to share updates effectively.
- Process: Analyze data across various storage systems.
- Visualize: Create dashboards and reports for visual interpretation.
- Orchestrate: Set up comprehensive transformation pipelines from raw data to insights.
- Deploy: Ensure ongoing integration and deployment of transformation pipelines.
- Observe: Proactively monitor the performance and quality of data applications.
- Experiment: Conduct A/B testing to ensure insights produce the desired business outcomes.
Chapter 3: The ELTMIS Acronym
Could we distill these actions into a simpler list of six verbs? Denys Linkov, an ML Architect, suggests focusing on:
- Extract
- Load
- Transform
- Insights
- Model
- Serve
Chapter 4: Understanding Data Lineage
So, what exactly is Data Lineage? Xavier de Boisredon provides a compelling explanation, highlighting its various applications:
- Data Troubleshooting: Identifying issues at the source.
- Impact Analysis: Assessing potential disruptions to critical dashboards.
- Discovery and Trust: Ensuring the integrity of incoming data.
- Definition Propagation: Streamlining documentation processes.
- Data Privacy Regulation: Understanding data assets for compliance.
- Data Cleanup or Migration: Determining which assets to retain.
As an analogy, think of data lineage as a family tree for data!
Chapter 5: Insights from the 2022 Data Survey
I want to congratulate my friend Randy Bean on his firm's successful acquisition by Wavestone and celebrate the 10th anniversary of the Data and AI Executive Survey. This week, the firm released insights from their survey of 94 leading data firms, including AIG, Wells Fargo, AbbVie, and Starbucks. Here are three vital takeaways regarding becoming “Data Driven,” executing on “Data Strategy,” and the evolving role of Chief Data Officers (CDOs) for 2022.
Chapter 6: Exciting IPOs and Business Strategies for 2022
Which IPO are you most eager about this year? In 2021, 2,388 companies raised an impressive $453 billion, marking the highest annual deal volume ever.
If you're aiming to build and scale your business, consider these three invaluable resources:
Robert Scoble wrote an insightful post on business models filled with personal anecdotes. He’s been an early advocate for many successful companies, and his advice is worth heeding. Here’s a summary of his key points:
- Simplify your approach and focus on essentials.
- Be transparent about market opportunities.
- Clearly outline your revenue model.
- Avoid underestimating competition. Inaction is often the toughest competitor.
- Execution is paramount; your team’s ability to deliver is crucial.
Additionally, check out Guy Kawasaki's 10-20-30 rule for effective presentations and Brett Queener's "Startup's Narrative in 4 Steps," which breaks down the process of refining your business narrative.
This first video provides insights into planning for survey data quality improvements.
In the second video, learn how to print a preview of your survey from the 2022 Econ Census.