Leverage the Power of Big Data: Heading Towards Unconventional Directions!
Its Big Data Big Data Everywhere!
If that sounds like old news, then the latest news is that just like industries such as healthcare or retail harnessing Big Data power to reach out to potential target market, now political advertisers too have taken it to reach out to potential voters!
Political campaigning in U.S. was much influenced with Big Data this election!
As per a recent Gartner report, 64% business houses are already investing in Big Data, while the remaining 56% are trying to derive value through it. This is the most common discussion about data analytics, business intelligence and so on.
While everyone is trying to get the maximum out of it, are the organizations really getting successful in controlling the power of data?
If you take a closer look at how the enterprises have been leveraging on the data, you will realize that there is a clearly visible gap between the business needs and IT operations. Usually business teams need data to develop insights and formulate new business strategies to grow and expand. While the IT departments are responsible for collecting and filtering the data and deliver précised results to business teams on which they can take the action. But during the whole process, these data reports make late entry and thus become irrelevant due to the time lag. Therefore, only 20–25% data is being actually used for business purposes and is in a structured format while all remaining data is unstructured.
What should be the Big Data strategy for business enterprises in such scenario?
Companies must start shifting their focus towards the 80% unstructured data that can be of much value since the 20% structured data is already consumed.
Now the data miners must start experimenting with the unconventional data correlations that have never been known. Usually, they focus on traditional data relationships that take them to similar conclusions influencing their vision in conventional directions. But to invent new ideologies this shift is inevitable.
Additionally, you must identify the new areas of finding data and correlating it with your business requirements. It is very important to know how you can discover the new data sources as well as patterns for establishing correlations.
Conclusively, business enterprises really need to devise new Big Data approaches in order to identify the scope of data and make it meaningful to derive optimum value through it. This will not only include shift from traditional data mining to new correlations, but will also need some innovative approach towards identifying new data sources and areas.