Unlocking the power of Big Data

Big Data is the key that unlocks the full value of your data. It turns it into meaningful information and actionable insights so that you can make better-informed business decisions. Giving companies, organisations and communities an in-depth understanding of their customers and citizens, it also provides a better understanding of themselves.

Intelligent platforms, evolving technology and digital transformation have increased the potential value of data exponentially. However, to extract the greatest value from the raw material that sits beneath the surface, you need to mine, refine and distribute it effectively, whilst keeping it secure. Only once you’ve managed to decode the big data analytics will you be ready to release the true power of data to propel your organisation on its digital transformation journey.

Why is Big Data analytics important?

Processing huge volumes and types of data, big data analytics reveals valuable correlations, patterns and insights that can be used to identify new opportunities to improve your products, services, efficiency and performance. It enables you to run your business more intelligently and more decisively, creating:

  • Faster decision making: Analysing information instantly to make decisions based on deeper and richer insights
  • Cost reductions: Big Data technologies provide you with significant cost reductions in the way you store large amounts of data
  • New products and services: you gain the ability to quantify customer needs and measure satisfaction through analytics enabling you to create better products and better services to reflect your customer’s preferences and needs

The importance and value of big data analytics are clear. However, you need a highly qualified team to evaluate your data and guide you on your digital journey.

Hurdles to benefitting from Big Data

When it comes to unleashing the full power of Big Data there are three primary hurdles: too much data, too little time and too small of a budget.

Too much data

The amount of data storied by companies today continues to grow by leaps and bounds. IT professionals who know their companies are headed in this direction need to plan now so they will be ready to analyse and use this data later. This requires well-planned infrastructure consolidation so information can be more easily managed as it is created.

Too little time

Implementing a big data strategy creates changes to business processes, infrastructure, economics and even the org chart—which all lead to changes within the IT department as well. Turning to a solution provider or analytics consulting firm as additional resources can take the pressure off the internal IT team. Using an expert in the field from the start can also ultimately make the difference between the success and the failure of a big data project.

Too small of a budget

Big data discussions can lead to conflicts between the information management and technology sides of a business. An integrated approach that provides instant access to data via a unified system may be ideal, but it can be costly. If budget is an issue, consider starting with an open source database like Hadoop, then integrate an in-memory platform and analytics solution as needs dictate.

Putting Big Data to work

The importance and value of big data analytics are clear. However, you need a highly qualified team to evaluate your data and guide you on your digital journey.

It’s critical to work with a partner that will do more than just visualise your existing data. To be able to draw out the true value of big data they should be able to model the data to drive insights and provide a clear route to future success.  

Those that offer specialist advisory services, can start to extract value from unstructured legacy data and begin to plan a secure pathway to sustainable digital growth. They can help to guide you through the daunting process of
understanding what you have and put in place a framework to capture the data you need for the future.

Tags Big Data, Business Strategy

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