3 Key Insights Into Capturing Big Data’s Benefits

December 08, 2014  

What is Big Data?
Massive data sets that require processing and analytic tools to
extract desired knowledge.

With the growth of data management and modeling tools over the past several years, the term “big data” has become widely used and touted as the key to solving a host of business challenges. Several companies, however, don’t know how to take advantage of big data opportunities.

"Most companies are still struggling to find value from the ‘small data,’ and while they know what big data is, most are unsure about how to harness it and put it to use,” Matt Belkin, CSO at Domo, said in a recent article for Tech Republic.

As you consider the potential value of big data for your business, keep these three key insights in mind.

  1. Get the Technology Right. Data sources are pervasive, varied and prolific, which means they require specific tools for layering internal and external data sets. Analyzing data and acting on critical insights are crucial to capturing big data’s benefits. For example, identifying new product/service opportunities or stemming sources of service problems, and getting the technology right up-front, pays with bigger benefits over the long term.
  2. Maximize the Talent Data Specialists. Big data relies on human insight; therefore, companies should deploy technologies that reduce data scientists’ time spent on data cleansing and processing so they can shift their focus to analytics to improve decision-making. According to Ping Li, an investor who heads up Accel Partners Big Data fund, data cleansing and processing can consume up to 80 percent of a data specialist’s time if not controlled.
  3. Look for Opportunity Everywhere. While large corporations have propelled big data’s popularity, small companies certainly can benefit. Embedded sensor technologies and increased instrumentation (such as heart monitoring implants, biochips on animals and search devices to assist fire fighters) have made big data available to almost every company in every industry.
Regardless of your industry – from non-profits to government agencies, the importance of both big and small data cannot be overlooked.

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