When Big Data emerged a few years ago it was first questioned and then suddenly exploded in popularity. Big Data became so well known that people now refer to it as a buzz word and convict businesses of having Data Fetish. Many companies became obsessed with Big Data’s promise of success and jumped on the gravy train.
Four years later we are now seeing that It was never about the Big Data that determined success, it was about how it was used. The companies that understood this early on and adapted their company to better manage their data are the ones who are basking in success today.
A recent study has shown that companies utilizing big data are becoming smarter about how they are using their data. Companies are realizing that it is not so much about having a larger amount of data rather than having a sufficient amount of smart data. The trick is that smart data is like gold, analysts must search through large quantities of data to mine out the smart data that contain highly valuable insights.
As companies improve their data management skills they are not only becoming more equipped with better information, but they are also saving money. Having an efficient data analytics sector can result in major profits simply by having more up to date and accurate information to make decisions with.
It is exciting to see how companies have learned to manage their data and the benefits they are reaping from it. Using Big data as a tool is a great way to learn more about your business and your customers, which is why it has become such a great company asset.