People get excited about Big Data, not just because it’s big but also because it holds the promise of providing big impact and return for the business.
But Big Data by itself is of little use. And so far, few organizations have been able to harness it and make a big impact on their business, whether it’s for customer retention, improving financial planning, or optimizing marketing campaigns.
So why is that?
- Most often, organizations have a myopic view of their data. They only use a narrow slice of the information to make decisions because they have lacked the technology and the expertise to fully harness the Big Data available out there.
- Technology has also been quite complex, cumbersome to use, and mostly reserved for skilled statisticians. It’s a bit like a black box to say the least.
Well, the good news is technology has tremendously evolved, providing easier to use interfaces and applications (with predictive analytics embedded) that are self-service and highly accessible. You can run them anytime and anywhere, whether at your desk or on a mobile device.
Make Big Data Useful and Actionable with Predictive Analytics
Now, nearly everyone in an organization can make decisions backed by analytics and predictive analytics. The skill gap that existed for skilled statisticians can be filled with the people who can enable and self-serve themselves with all the information needed (like corporate data enriched with social media and smart devices data) via easier to use and understand data visualization to make trusted, confident decisions.
Did I say trusted?
- One of the things to not forget is to lay out a proper data foundation in order to build your analytics and predictive analytics on top.
- Too often, people tend to forget that a beautiful dashboard powered by the latest predictive technology is useless if the data can’t be trusted (it’s the famous GIGO: garbage in/garbage out).
One last secret ingredient?
Your very own people in your organization are the last secret ingredient to success. Since this is a journey, your analytics and predictive analytics should be evolving over time as data, business needs, and technology will continue to evolve. This can only be achieved by having both IT and the business speaking the same language and heading towards a common goal.
So can Big Data yield big returns for your business? The answer is yes – thanks to analytics powered by predictive technology.
For more information, watch our video, Reinvent Your Business: Turn Opportunities Hidden in Your Data into Real Results.