It provides insights into your customers allowing you to precisely target your messages; it helps you make more informed business decisions based on data, not intuition, and can even help doctors decide which treatment will work best for you..
Big data keeps you ahead of the curve, especially when paired with the power of real-time analytics.
If you’re just getting started with your data, you need to make sure you have a strategy in place. Here are 5 tips to get your data project off the ground.
It sounds silly, but honestly if you don’t have your data in a repository you won’t be able to extract the insights you’re looking for. So, collect a lot. With all the different storage tools out there you can easily store lots of data in a cost effective manner.
Logically Group It
Think of the data you’re collecting and try to determine which data sets will take you to the next level. The next level may be a business or competitive advantage, or maybe even a deeper insight to how your customers behave. Once you’ve completed the grouping, you’ll be able to analyze it way better than if it were unstructured.
To be successful with big data, you don’t need to reinvent your data management systems. This process is all about complementing. So make sure your big data strategy integrates well with your already existing BI platforms.
The whole purpose of you creating a big data strategy is so that your users can benefit from the insights. To ensure they are getting the most of this, provide a self-service access where users can easily identify the opportunities within your data.
Don’t Forget About Data Governance
Data governance, according to TechTarget.com, is the “overall management of the availability, usability, integrity, and security of the data employed in an enterprise.” Typically, data governance is an afterthought; don’t forget about this essential part of planning. Create policies where either your business teams own their data, or there is a council who does. Ensure there are processes in place that define the data lifecycle from storage to being hacked.
Two heads are better than one. The same applies for two teams are better than one. Establish two teams, one should be your already existing enterprise data management team, and the other should be a team dedicated to the project. This could be internal or external. They should work with the existing data experts, as well as other stakeholders involved in the data project. Having these two sets will make a big difference in your timeline and in your data quality.
Big data is only getting bigger. It is changing business as we know it because there is a lot of power in big data and it gives you faster time to insight. It’s not only for the C-level execs, it’s for everyone who needs to make a decision in an organization.