As the new year approaches we all begin to dream about what the future holds for us. Everyone begins to make New Years Resolutions and promise they will change for the better.
Will this be the year my business really takes off?
How can I change my business to be more lucrative this next year?
One of the best ways to make changes in your company and ensure you stick to them is to implement a more efficient plan. Big Data Analytics is an excellent way to be more efficient- and the more efficient you are the more money you save.
Businesses must know how to use and manage their data in order to benefit from it. Here are three tips on how to utilize Big Data in your business to ensure the biggest ROI.
Hire the Right People
In order to understand Big Data it must be analyzed. This takes a certain type of person with strong mathematical and analytical skills. Data Scientists must be able to understand the different coding languages and crunch numbers quickly. This is a job that is not for everyone, but is a profession that is growing in popularity due to a high demand for analysts.
Use What You Have
If you already have an IT team be sure to utilize them, chance are they already have the basic knowledge needed for Big Data Analysis. By training the resources you already have you save your business time and money that would otherwise be spent on the hiring process. Having a strong team of data scientists is what sets successful companies apart from many others.
Don’t Be Afraid to Ask for Help
A lot of companies that use Big Data are not Big Data experts by any means. Depending on the company sometimes it is cheaper and more efficient to outsource your Big Data needs. There are an array of companies that specialize in Big Data contract work for other companies and can be a great asset when it comes to understanding your data.
The best way to make sure you get the most out of your Data is to look at your company and decide how and where Big Data can be most useful to you. Every company is different and therefore will use Big Data in different ways, but if you follow at least one of these tips you are heading in the right direction for improving your company this next year!
What better way is there to learn about big data than listening to a podcast about it? I found a really great podcast recently that dives into all of the different aspects and current issues that we are dealing with when it comes to big data. There are also podcasts that help us understand the best ways to save and make money with your data.
Their most recent podcast, 5 Lessons About Big Data brought some interesting facts to light. These 5 lessons can help you to leverage the data that you already have, and ultimately, save you money:
- Use big data to make information transparent.
- Create and store more transactional data in digital form.
- Big data allows for the segmentation of customers so that companies can better tailor products and services.
- Sophisticated analytics improve decision making, minimize risks, and ascertain valuable insights that would otherwise remain hidden.
- Big data can be used to develop the next generation of products and services.
The next step is for you to use all of these lessons to add value to your data and your company.
Listen to the full podcast here!
Many organizations today struggle to get their cards in order and turn data into dollars.
“The more data you have, the more crucial it is to better manage your master data and improve the maturity of your master data management (MDM) program,” said Saul Judah, research director at Gartner. “Existing approaches to data management are, in many cases, insufficient to accommodate big data sources on an enterprise scale. Collecting data without managing it properly also creates ongoing costs as well as regulatory and compliance risks.”
In order to save money, CIOs and Chief Data Officers who oversee big data initiatives need to consider the following steps:
Update Information Strategy and Architecture
Many organizations have had success leveraging big data insight around specific business operations, but typically it’s limited to a single business unit or use case. Few firms have explored how to make big data insights actionable across the entire organization, by linking big data sources with trusted master data.
For example, many marketing organizations use data from social sources — such as Twitter and Facebook — to inform their campaigns, but they don’t reconcile this with trusted data in customer/prospect repositories that are used by customer services or sales. This can lead to incoherent customer communication that can actually undermine the sales or customer service process.
Become More Agile
Effective use of big data requires a mixture of old and new technologies and practices. This necessitates an agile approach that applies a bimodal IT framework to information governance (see “Why Digital Business Needs Bimodal IT”). MDM traditionally uses a Mode 1 approach which is policy-driven and approval-based. Big data typically uses a Mode 2 approach with little or no predefined processes or controls. Tactical and exploratory initiatives are much better suited to the “faster” Mode 2.
Move to Limit Risk Exposure
When an organization executes actions based on information sources outside the curation of MDM — as is the case in many big data implementations — exposure to certain types of business risk increases. Factors such as poor data quality, loss of critical information, and access to unauthorized information become more likely. Gartner recommends appointing a lead information steward role in relevant business units to assist in creating and executing risk controls with regards to data use in business operations.
All of the above steps to help manage your data can quickly turn around and save or make your firm money. You have the data- now just unlock the value of it with master data management.