I was asked "What is the first step to gain value from data?"
My answer is," Asking the right questions."
Why is asking the right question important? It is important for the following reasons:
1 - Asking the right questions lets us go to the crux of a problem quicker, reduce risks and solve the problem at a lower cost.
2 - The question determines the potential value one gets from data. Data quality, the tools, the skills and knowledge of the data analysts or #data scientists, etc will determine the actual value gotten.
3 - This allows us to compare with the costs, which is more definite, to determine if the project is a go-ahead.
4 - This allows us to start thinking about what is the data to collect and at what level of quality.
Do you agree? What will your first step be? Happy to hear your opinion and comments. You can share them with me on LinkedIn. You can find my profile below.
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