I really like this business value extraction loop outlined by Lynn Langit in one of her courses on Lynda. Lynn is particularly addressing getting value when moving from relational to non-relational databases, but I believe her point clearly extends to getting value from data in general.
She outlines a process that can be iterated over projects, applications, or data sets.
- Formulate clear business questions.
- Select the solution that provides a path to answering those questions.
- Find, load, and clean all the source data.
- Query the data.
- Present (or visualize) the data.
I look forward to seeing how other professionals extend or surpass this approach. I particularly look forward to developing my own insight into real-world details of this process.