Quality Progress - October 2014 - 10

PERSPECTIVES BY JIGISH VAIDYA Traversing a Data Jungle Doing business differently with data analytics, big data THE DEFINITION OF data, simply put, is an unprecedented amount of raw numbers been completed, it's time to work out facts and statistics collected for reference into usable intelligence, discover how to possible explanations for events observed or analysis. Even more important, how- extract business intelligence from underly- to determine hypotheses and theories. ever, is thinking about how to make data ing data, measurements and analytical Resolve any conflicting findings by ap- work for you and how it could improve tools, and learn how to tap into the avail- plying appropriate statistical tests to your organization's bottom line in terms of able data repositories. data composed of empirical measures of For that reason, organizations must relevant variables. Instead of relying ex- research appropriate relational database clusively on observational data, in many management systems, which make it cases a well-executed experiment helps to more organizations worldwide to make easier to store and retrieve countless per- determine causal connections. data analytics an essential component of mutations of multivariate data. With the their business strategy. Rest assured, data right analytical skills, you can break down innumerable tables and data records in- analytics-including big data-are bound and structure complex problems and data volved in your reports, use your analytical to change the way you think about and do sets to get to the roots of the problems in skills to develop clear, summarized visu- business. your business. alizations such as graphics and pictures. profitability, adaptability for change and staying ahead of competitors. These objectives tend to stimulate Here's another tip: When there are Considering today's competition and Surviving and thriving in a complex and technical advancements, everyone must sometimes overwhelming environment re- use relevantly derived numbers from a set deal with ever-growing mounds of data. quires an understanding and ability to lever- of base numbers. These derived numbers People having the right understanding and age the major trends you uncover in data. could be statistical parameters such as In those snapshots, you also may want to central tendency measurements (mean, skills for data analysis, however, have a huge advantage because they know what Measurement median and mode), variance, standard de- to do with "all that stuff." Appropriate data mining and collection viation, capability index, tolerance ranges In today's business world, it has be- can't happen without measurement. and limits. come essential to know how to transform If your desired improvements can be In addition to these actions, don't forget measured, appropriate to apply simple analytical techniques to data analysis techniques isolate the vital few from the trivial many, could tell you how to when practical, to highlight the low-hang- achieve your objectives. ing fruit. Mining and collecting data are more common Social media today because of the Social media content can be another type unprecedented access to of data to be monitored and measured. vast amounts of informa- There are trends and tendencies related tion, including tolerances, to marketing strategies, new product measurements, failure innovations, product upgrades, design, information, design data, sales and advertising that you can glean financial records, product from measuring and studying social media specifications, social content. Social media content can open media records, market- the door for anyone to become a social ing data and consumer scientist who can quantify the returns on behavior. social media and digital marketing. After measuring has 10 QP * www.qualityprogress.com Essentially, the content generated by http://www.qualityprogress.com

Table of Contents for the Digital Edition of Quality Progress - October 2014

Up Front
LogOn
Expert Answers
Perspectives
Keeping Current
Mr. Pareto Head
Step It Up
Strength in Numbers
Take Care of Your ‘Ugly Baby‘
Getting It Right the First Time
Career Corner
Statistics Roundtable
Quality in the First Person
Standards Outlook
ASQ's Quality Resource Guide
QP Toolbox
QP Reviews
Back to Basics

Quality Progress - October 2014

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