Strategies to Turn Data into Insights
Getting valuable and useful information from data
Data insight is the process of turning raw data into useful, big and surprising information and knowledge. This knowledge subsequently contributes to reshaping company strategies, resulting in innovative, economical solutions that enhance operational efficiency.
Within this article, I will outline the typical three-step approach I employ to transform data into meaningful insights (What + Why + Action):
Step 1: Understanding data points (WHAT?)
In the first step, it’s crucial to develop a fundamental understanding of the available data — identifying pertinent columns to address queries and locating data that can rectify issues. When dealing with expansive datasets, concentrating on primary influencers becomes paramount. For instance, when investigating a decline in company profits, key data such as expenses and revenue warrants scrutiny.
Moreover, leveraging data visualization facilitates enhanced comprehension of data elements, given that a picture is worth a thousand words. You might also find the article “9 Techniques to Discover Data Narratives” a valuable resource.
