When you are looking for more business insight it means that you are in need of more information and business numbers. Exactly this information comes from Big Data – the huge amounts of different data that is created by your company, customers and interactions every day. The volume of this data is getting bigger and bigger because of the social media, cloud technology and online consumer behavior. Look at such successful companies as Google, Amazon and Target that have been gathering data for years and agree that it is the best way to be competitive and win your market today. But there is a challenge – how is it possible to avoid getting by all ‘noise data’ and the irrelevant numbers that flow with the relevant and useful data?
A consultant and Forbes contributor, Paul Magone states that “Progressive firms use big data to narrow their decision set, not expect an answer” and adds “They have figure[d] out how to map the real-time information against historical information to offer predictive possibilities. The modern crystal ball is thus unveiled and companies await the next prediction.”
The specialist explains the success of business insight as these six issues:
- First of all you have to determine the vital questions: What issue will you clarify to truly move your business forward? You have to understand and be able to measure the business impact of analytics outcomes. The investments must be measured and the project must be provided with the tasks.
- Understand the key persons who will have the access to the data marts and analytic dashboards. The staff that involved in BI project must be limited and real professional in terms of understanding business process and security policy. The data is your key information and it should not lack to your competitors.
- Determine the gathered data as data at rest, data in motion and data in use. Is your data volatile and incomplete? You will find the right tools and methods when you will structure the gathered data.
- Try to target the needed data – social media, mobile devices, localization. It is better to set up some options before you start collecting data.
- Be sure that the data is put in context against business issues that matter.
- Determine the recommendations based in the data discovery and overall needs of the stakeholders.
Do not forget that Big Data may not give you the only right answer but it always narrows the range of possible answers and provide you with the right numbers.