Every step in today’s business world is directed by data. You collect data; analyze it; draw insight from it and decide what is required for the business. This is a very simplistic overview of the big picture of big data. The funny thing about dealing with big data is the fact that the basic ingredient which is data, quantitative information, is there at hand and in a sublime amount.
The presence exponential increment of the amount of data is both reassuring and disruptive – when a company is depending on insights drawn from data to implement business plans or product details they are actually walking on a layer of thin ice; it might break at any point and the whole endeavor may drown. One has to be cautious and vigilant in order to keep up with the constantly changing patterns of consumer behavior and the trends. These changes can happen due to end number of reasons ranging from an earthquake to an election. Never the less one must comply with big data in today’s world. These tips should help.
- Brainstorming on current and future goals
If you have seen and worked with many companies you may have noticed that some businesses struggle to decide the way on which to invest their resources and potential. When you are planning to capitalize on the information at hand to make insightful decisions without knowing where to look and what to look for your efforts run astray. An extensive survey of the market trends is important before you start investing in data analytics. You must be sure that there is gold for you where you are digging. Before you send the data through and analytics program or algorithm it is important to apply the human brain to judge the profitability of it.
- Building a strategy that is business based not based on data
I will try to put some sense into the sub heading which may sound pretty confusing. Manipulating and leveraging data being our deepest concern we often get carried away by the idea that managing and analyzing the data will solve all the problems. Yes, it is supposed to help us decide better and make more profit but the strategy must be strictly in compliance with the business. The analytic teams should understand the business end of things and every piece of analysis should be directed toward the immediate as well as future improvement of the business. The amount of available data is so huge that it is easy to get lost in fruitless trials which very bad for the company.
- Adaptability is the key – flexibility is a must
This message must be imprinted inside the mind of every member of a data analytics team. You must be vigilant enough to detect any potential data source which you have not yet focused upon. Even if the data you are already collecting seems to be more than enough, you must realize that you are running in a race and you do not want to miss out on any opportunity. One must take into account all potential data sources and streamline all the structured and unstructured data. If that means introducing new tools or new techniques, a data analyst should never decline an opportunity to learn new things.
- Know the best tool for a job
The use of different tools should be directed by the requirement of the situation and the potential of the tool to handle that situation. Certain tools are good for certain jobs. You cannot expect to handle all the problems with one tool. Choosing the right tool for a job saves time and produces better results. Having a team that is proficient with multiple tools and knows when to use them makes it easier to get the job done. It also helps if the members of other teams that work with the analytics team know basic principles of analytics so that it becomes easier to make sense of the findings.
- Taking into account the external factors
In order to build a successful data insight strategy you must optimize the data sources in accordance with your business needs. It is better to maintain complete transparency while collecting data about an individual or a consumer base. People must be informed how and why you are collecting their personal data and how it might help them. Another thing top keep in mind is the security of your database from cyber crimes. Companies today are inclined toward collecting intrinsic details about individuals instead of general ideas. This makes it important to secure the database to not only produce significant insights but also to earn the consumers’ reliance.
The Internet of things, big data, data science, these have become indisputable parts of business vocabulary; it is best to use them wisely and know as much as you can before you jump into the pool of opportunities. There will always be risk but you must know that you were careful.