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Data allows businesses to become more competitive, tap into new markets, better develop products and services and generally increase profits. But data alone is useless. It must be processed and shaped into something useful before it can add value to an enterprise. This transformation of data or “data alchemy” is often described as big data, Internet of Things, predictive analytics, machine learning and artificial intelligence.
So how can modern finance leaders turn data into actionable insights? Here are 7 axioms for practicing data alchemy.