Can your business leverage big data to its advantage?

A well-structured data lake forms the core of all operations in an organization. If utilized well, these data pools can help organizations drive transformation using intelligible decisions. Big Data requires a creative mind to know how to extract maximum information from it. It also requires an analytical mindset to understand the behavior of Big Data, analyze the information and judge its importance to a particular scenario or an organization.

Why leverage the power of Big Data?

Tools and technologies available in the market now enable one to visualize noisy data in a more lucid and self-sustaining way, interpret and gain insights better and create sustainable models that can translate the statistical output to smart strategical plans. The rapid pace at which the industries and market evolve can be difficult to match. However, Big Data and its related technologies can help an organization be proactive in leading transformations. The timely generation of an insightful report can help you concentrate better on the next steps: strategical planning and intelligent-decision making.

Big Data is the foundation of all next-generation strategical planning solutions. Without a well-knit big data fabric, an organization can end up spending excessive time, money and effort ingesting, integrating, transforming, curating and securing data before delivering the insights and recommendations. A Forbes survey conducted in the 2016 says that over 69% of the firms consider big data to be critical to their business success.

While developing better insights about the business and customers was touted as the biggest reason for leveraging Big Data solutions, computational and processing speeds ( leading to faster time-to-answer, faster time-to-decision, and faster time-to-market) followed closely. Many companies already use Big Data to drive customer relations, their daily operations and even define and measure the business objectives. Big Data can also help firms to expand their reach in the industry by showcasing regular problem areas where the scope of research and development is high. Lack of efficient operations on a manufacturing machine-floor, led to creation of IoT-solutions of connecting machines to men in a productive manner. Stunted retail sales introduced the industry to decisions like product-placement on shelf and product-profiling based on customer behavior.

Who can leverage Big Data?

Big companies and well-established firms have already started investing in Big Data and related technologies. The small firms however, still have to play with the buzzwords and adopt them to their complete potential. Although some start-ups and entrepreneurs are skeptical about the scope of Big Data in their business scenario, many other competitive ones are already gambling with the same.

While big companies have well-organized data pools and can institutionalize their data-sources and processes, the small companies need to be smart with their approach. Budget constraints and infrastructural dependencies can limit the scope of usage of Big Data for the smaller firms. However, sources like social-media traffic, customer reviews and online web-content can help one gain intelligent insights.

Key tips to leverage Big Data

Big Data is no longer an unexplored territory. While most companies have already established an elaborate data-driven infrastructure, one should not follow the suit blindly. It is necessary to understand how your corporate setup can benefit from Big Data. One needs to synchronize the org’s goals and strategies to the vast amount of data available. This helps you define the context in which the data can be interpreted and used. While the developments being made in Big Data are impressive and huge, an organization should not be overwhelmed by the potential big-wins. Start with small objectives and stick to the main purpose behind investing in data analytics.

Focus on the key metrics that can be beneficial to the case and strengthen the basic infrastructure of the org before diving into ambitious projects. Straying from the primary motive can often be more hazardous than expected. Make data accessible across the organization. Everyone is a consumer of data. However, the KPIs (key-performance indicators) can be defined for the various data-users. Be open to evolving technologies and competitive opportunities. Calculated risks might have to be taken while dealing with data-technologies. If leverage properly, they can help the organization grow and become more sustainable. Cloud-based data storage, automated processes, SaaS-based solutions are some technologies that the market has already ventured into.

While experimentation is vital, it is also important to note that not every bit of information is trust-worthy. One should not believe everything that is said or written. While exploring newer opportunities, start at a localized level and scale up when the approach has been validated completely.

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