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B2B-Network:
The Concept of Data Thinking and Its Place in Business
The Concept of Data Thinking and Its Place in Business
Time icon12 October 2018, 13:10 pm

Data is a critical element in running any organisation. Numerous decisions that are made in the day-to-day operations rely on different kinds of data. Technological advances have revolutionised the collection, analysis and use of data. This evolution is what has led to innovations like the Internet of Things, artificial intelligence and machine learning. All these developments cater to specific data-driven needs. As data-centric applications increase, it has become necessary for individuals to understand them better, which is where Data Thinking comes in. 

 

The Concept of Data Thinking 

Collecting data and analysing it is not sufficient; employees must be capable of reading and interpreting it. The ideation of Data Thinking is derived from Design Thinking and Data Science. By being able to understand, observe, define and test data (Data Design), it is possible to craft solutions to tackle the various challenges that businesses have to deal with. Data Thinking facilitates data literacy among employees, allowing them to dissect information objectively. They can pick apart components of information. A majority of digital transformations that are data reliant fail due to a proper understanding of how to deal with data. 

 

The Need for Data Thinking 

When a company is undergoing a digital transformation, it is not just about the changes that come with the process. A business should aim for digital development, which requires an extensive analysis of data processes. Data Thinking allows employees to better comprehend the services or products that they offer to customers. It is because of Data Thinking that a streaming site can predict what its audiences want before it even starts show production. Preventing negative ROI is a big cost-benefit that enterprises can repair from data thinking. An enhanced grasp of data and its implementation provides an opportunity to create data solutions that respond to a company's requirements. 

The economy that businesses operate in today is largely dependent on data. The need to have employers and employees understand how to work with data to drive digital transformation is what makes data thinking such a fundamental element.

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