We are living in the data-driven world where every industry be it healthcare, finance, omnichannel retail, agriculture, logistics and much more runs on data. The data is one of the key essentials for increasing revenues and cost savings. Data can be considered as a tool that is banked on by the organizations for making smarter decisions and it is necessary to survive in these competitive markets.
According to the study led by New Vantage Partners, 37.2% of the overviewed associations are putting more than $100M in a major information procedure inside the previous five years with around 6.5% speculation over $1B. The huge information biological system is by all accounts overwhelming for considering its consistently developing seller rundown and trendy expressions. Big data and analytics run on the top priority list for all the organizations in the current era as the majority of the work happens on the data dashboards, reports, KPIs and visualizations. Analytics and Data Science are becoming key dimensions when it comes to considering any digital transformation initiative.
As per an updated Digital Universe study, it is estimated that in the next few years, the amount of big data is going to exceed 40 zettabytes and that sounds like a lot of data. All across the globe, more and more eCommerce businesses are setting up online shops and billions of online transactions that produce highly valuable data daily. With all of these data in a massive amount, modern organizations are realizing its utter importance and also think about different strategies to unlock the true value of the data. But, what exactly is the data? Well, for data-driven purposes, it is transmittable and stores all the computer information. The data comes in multiple formats be it structured, unstructured and semi-structured or even a combination of all three. Although it exists in multiple forms, the most exciting things happen with Big data.
In this article, we will be taking a look at the potential benefits of big data for your enterprise and how you can leverage the great benefits out of it by implementing the specific strategies. Let’s get started with.
We are quite aware of the term ‘Big Data’ because it comprises of the highly complex information sets that are large and cannot be processed traditionally. All of the recent technological advancements are empowering businesses to gain the potential benefits of such a massive amount of data to find the best solutions to their problems which were unsolvable before. And with such a large amount of the data, businesses can gain meaningful insights on the successful key factors along with the predictive analysis that is based on the current datasets and more.
Figure out your Goals
Before looking out for any strategy, it is crucial to know all of your objectives. These goals decide whether it boosts the efficiency of the existing system, growing revenues, or provides valuable insights for an informed decision-making strategy. It is crucial to have your goals defined clearly as that helps to further plan and onboard resources. It is important to note that you are simply wasting your money and resources without having clear goals.
Create a Qualified Talent Pool
For all of your big data projects to become a huge success, it is essential to have a highly-skilled team. You need a few talented statisticians for giving valuable insights from the data along with the business analysts who can communicate the helpful insights for leading the team and make key decisions. All of the clear communication and discussion between the key project stakeholders and the technical team is paramount for the project’s success as any sort of miscommunication can result in bad execution with each of the sides making false assumptions. So get the right team and the rest will slide to flow!
Make a Standardized Data Storage
When you deal with big data projects, it is common that a large amount of the data is generated from variant sources in different formats which makes it difficult to derive a single source of the data. Therefore, it is crucial to standardize data formats and ensure that no data gets stored in your system without passing the standard measurements. With consistent data entry, it is much easier to mine the data and help in making better decisions.
Cleaning and Enriching the Data
Have you ever wondered how clean is your data? Well, it might surprise you but data cleansing is important as it allows us to detect and correct or even remove the corrupted records from the recordset, table or database. Your data is incomplete, inaccurate, incorrect and irrelevant if it is identified with the junk. Opposite to this, data enrichment is a value-added process where the data from multiple external sources is confined to the existing data sets to enhance the quality and richness. Both of these processes are vital for implementing a big data strategy as it helps to ensure how pure and complete your information is!
Data Scalability and Security
When you begin to work with any big data projects, your technology stack should be synchronized with the objectives which offer a clear and complete understanding of how the product will be used in need. In the present times, the scalability of the solution matters more than the execution itself. The technology stack of your enterprise needs to be highly available and fraud tolerant by offering fast and support-on time availability of the data along with the required key decisions for the business. By keeping all these things in mind, it is important to not forget about the security and safety of your data. There is news regarding variant software and major systems that are lacked almost every day.
Here, we come to the end of the article. Big data is something other than an in vogue popular expression as it envelops the information sources, advances, best rehearses and a culture that causes the information to resource all the most extreme business advantage. Try to implement all the mentioned data strategies to gain the desired results. Till that – keep learning!
Joanna Baretto is a Business Analyst at Tatvasoft.com.au, a web development Company in Australia. She has been working for five years in a Technological domain. Her work across multiple disciplines broadly addresses the narratives of techno experience. She is unicorn enthusiastic. You can visit her on twitter @BarettoJoanna.