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.
A recent survey (2013) has shown that the businesses are more and more interested in Big Data, Business Intelligence and the benefits of BI implementation. The survey is conducted by the Economist Intelligence Unit and contains 700 interviewed companies that share their opinion on Big Data – whether they use Big Data strategy or not. According to the interviews all the surveyed organization mark that they are facing the challenge of rising amounts of Big Data and there is a strong correlation between successful organizations and organizations that leverage Big Data and manage Business Intelligence projects. It is possible to say that companies that run business intelligence appear to be more intelligent and more competitive than their opponents.
Also, the survey shows that nearly 50 percent of respondents whose companies perform significantly greater than their peers have a well-defined Big Data strategy. All these market winners work with one data strategy plan – it is strongly recommended to determine the business goals and arrange the priority of them first, then find key persons with skills and experience who will manage the big data projects.
“An organization’s data is only as good as the business insights it reveals,” – states Paul Kent, vice president of big data at SAS. “Mapping your big data strategy to address your challenges is crucial. But the importance of hiring the right people to manage and analyze your data and communicate results cannot be overstated.”
As we can see, the nowadays business is in big need of Data scientists and data managers – the employees who will gain insight from data. These key persons will play key role in decision making and provide executives with vital business advices and reports. Also, 66 percent of respondents admit that they are gathering WEB data about their customers, 22 percent say that social media and WEB data improves their interactions with customers, while this number increases to 32 percent among most successful organizations.
Making valuable information from digital data is the hottest trend in 2012 and will be even hotter in 2013. The companies feel this possible competitive advantage and some of them are already running Business Intelligence projects in order to leverage the data while saving time and IT resources. But still there are some companies that are hesitating between different BI solutions and ways to work with Big Data. Of course, the management should know all the pros and cons of Business Intelligence before starting any investments.
This word is everywhere today, even in the articles of Forbes. Big Data is the hottest trend these years – somebody analyzes it, somebody still ignores it but everyone is facing it. Just think, more than 3 Exabytes of Big Data are produced every day, and as IDC (market research company) predicts that 1.200 Exabytes of data will be created this year. Even the space of all libraries of the world is not enough to carry these volumes of information. We have a lot of discussions about Big Data but also there are a lot of mistakes and myths as well. Let`s find out Top 5 myths about Big Data.
In 2012 Big Data is still rising in all industries, in all organizations – Large enterprises and Midamarket companies as well. This fact makes managers think of hiring more BI analysts that will handle the unstructured data and help the executives understand what is going on in the business. Analysts who were not that popular on IT market in previous years are already in high demand today. So, why do organizations need the Business Analysts?