5 Big Mistakes You’re Doing with Big Data

Much has been written about Big Data. Companies nowadays are already aware that it is crucial to collect data to facilitate better decision-making. Better decisions, of course, can result to more efficient operations, reduction of costs, greater customer satisfaction and higher profits. The question is: do these companies know how to make the most out of their data in order to enjoy these benefits?

Some companies make an effort to collect data but are overwhelmed with how to turn them into useful information. The truth is, while data collection is important, you can’t just stop there. What’s the use of all that Big Data to your company if you don’t know how to analyze and interpret its relevance to your business? If all these data are not doing your business any good, then maybe it’s time to step back and see what it is you’re not doing right.

Check out some of the common mistakes companies make in handling Big Data.

In order for any business to succeed, planning is a must. Before you even begin to collect data, determine first what your purpose is for doing so. Is it aligned with your business goals? If the answer is yes, only then should you proceed with planning for your data collection procedures and workflow.

Misunderstanding Big Data

Many are confused over what Big Data really means. For a small business, the term may seem daunting and overwhelming. It may lead you to think that Big Data is something only big businesses should be concerned about. But you’ll be wrong.

In plain and simple terms, Lisa Arthur, a contributor at Forbes.com, defines Big Data as “a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis”. It doesn’t matter if your company is small. Big Data should still be your concern.

It is likewise important to note that data comes in all sorts of formats. Unstructured data are normally text heavy and not easily interpreted, such as those from emails, audio, video, and even social media posts. Structured data, on the other hand, are what you can find in traditional databases. Though challenging as it may be, companies must learn how to manage and merge this mix of important information.

At this day and age, it is easy for any company to think that a lot of their problems can be solved by technology. While that may be true to a certain extent, be careful about choosing which data analytics applications to use.

Before choosing an analytical model, make sure that you and your data analyst are familiar with the issues that your business units are facing. That way, you are better equipped to determine which data is needed to solve certain issues or take advantage of opportunities.

Some companies make the mistake of thinking that the origins of the data they have gathered have no value. On the contrary, knowing your sources will help ascertain the quality and accuracy of your data. Knowing everything there is to know about the data you have procured will enable you to make better strategic decisions.

Getting Stuck in the Past

Data can be used to understand why certain things happened, such as why a new process failed to work, for example. However, don’t dwell on it too much that you forget that the most important thing to figure out now is how to move on from it. Use your analytics to determine what’s going to happen next instead.

These are just some of the common mistakes businesses make in handling Big Data. If you still feel overwhelmed about managing Big Data in your business, you can solve that problem by outsourcing.

Data collection experts can create a workflow for collecting data for your business, as well as a database for you to store them. They can also train you to use the system and analyze the information derived from all the data. By outsourcing your data collection requirements to experts, you would be able to focus on managing your day-to-day operations.

Being able to collect and utilize Big Data is of utmost importance for your business to succeed. Outsourcing these tasks will help you avoid committing the mistakes mentioned above and instead enable you to make the most out of your Big Data.

Originally published at www.infinitdatum.com.