Data has three main functions that provide value to the business: To help in business operations, to help the company stay in compliance and mitigate risk, and to make informed decisions using analytics.
“Data can have an impact on your top line as well as your bottom line,” said Dr. Prashanth Southekal, CEO of DBP-Institute in a recent interview with DATAVERSITY.
“Just capturing, storing, and processing data will not transform your data into a business asset. Appropriate strategy and the positioning of the data is also required,” he said. Southekal shared best practices for analytics and ways to transform data into an asset for the business.