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Organizations that always make data-driven decisions achieve superior results across the board. According to one survey, in fact, data-driven leaders exceed the results of laggards by:

  • Outperforming their competition
  • Developing a creative, innovative organizational culture
  • Sharing information and knowledge across the enterprise more quickly
  • Increasing collaboration between departments and business units
  • Driving employee engagement, satisfaction and retention
  • Accelerating decision making and project execution
  • Controlling risks
  • Improving operational efficiency

Is your data mining delivering that kind of value? 

Smart Tips for Making the Most of Artificial Intelligence

Consider adopting these best practices to keep your data science efforts on the right track.

  1. Look beyond internal data—You have business questions that require answers, and the data you have in house may not get you there. Using third-party data, such a news and social media posts about your company or your competitors, court dockets, patent information or sanctions and PEPs, can provided much needed context for predictive analytics, statistical modeling or other data initiatives designed to uncover actionable business intelligence.

    In addition, it can be useful to capture the same data from multiple sources—internal, as well as one or more data as a service providers. Combining multiple data sources allows you to identify variations that can lead to a better understanding of the results.

  2. Forego perfection for faster performance—If you aim for perfection, your data science efforts will never get off the ground. Because data comes from disparate sources—and is rarely pristine—you are better served by choosing a data as a service provider that normalizes the data with descriptive metadata data fields and uses Semantic Extraction Technology to enrich the data with tags related to entities and geo-location. Such enrichment is key to unlocking the hidden facts you need—faster—for predictive analytics and more.

    What data sets are missing from your data science toolkit? Talk with a LexisNexis specialist about your specific data needs to learn more about how Nexis® Data as a Service could be the solution to your business intelligence requirements.

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