What Is The Right Way Of Using Big Data For Business Excellence?
More data doesn’t entail improved performance!
Using Big Data for business success is undoubtedly a smart move, but only when implemented orderly. The responsibility for the initiatives and implementation starts with properly understanding & organizing it before bringing in the voluminous data. Since most of the companies have leadership and capabilities vacuum for Big Data and Analytics, therefore, making it smart and efficient always seems a far post for business excellence.
So how to get most out of Big Data? What skills and tools are needed? How to protect and store it for better utilization?
The First Step:
Save Data, Don’t Just Collect!
Collecting more and more data will not help you much except overwhelming you with the post, mentions, discussions, press releases, and new launches. Therefore, before developing a passion for the data, you must always ask yourself what does your business require such amount of data? If yes, then how to keep it for future usage?
To make data work for your company, you can’t lose it as it cannot be recreated. Therefore, after getting the data of your choice (after filtering out the noise and extras), have a proper database where you can keep the data to use it anytime in the long run.
The Second Step:
Organize It to Avoid Chaos Afterwards
Saving petabytes of data randomly will consume your bulk amount of time that is not at all a wise thing to do while running a business. Therefore, after saving the relevant and useful data, the next step should always be to organize it. Structuring data will help you easily locate and identify individual data sets and the purpose of saving them.
The Third Step:
Data Should Be Smart Enough to Provide Needed Insights!
You have saved and organized the collected data for saving time and efforts later on. But, are you sure the data is capable enough to give you insights and information you are expecting from it?
Apart from collecting data, you must thoroughly check whether you are accumulating the right one or just a noise! Data such as buying habits of consumers, their feedbacks, opinion, changing trends, and desires are few examples of worthwhile data. This will help you make better and actionable decisions.
Also Read: How Big Data Analytics Can Benefit An Enterprise?
In this fast data-driven world, you must act fast as well as accurate. Otherwise, you will just end up with junk nothing more. Therefore, you must competently handle velocity, volume, and variety of the data for making this approach bankable for your business. Make sure that you are collecting the required data and not just the volume. This will save you from the challenges that might arise when you begin sifting through it.
The Bottom Line:
No doubt, Big Data has immense potential of bringing powerful insights to any industry. But jumping blindly into numbers will do more bad than good. Proper planning and it’s right execution are the prerequisites for leveraging the bigger benefits of Big Data. Above are the few steps that you should be kept in mind before making your decisions.
