Big data analytics has rapidly become a critically important driver of business success across different sectors. Big data can offer a lot of value only if organizations know how to claim it.
Today, big data is given high preference. Organizations worldwide see big data as an opportunity and plan to increase their investments in big data in the upcoming years. The value of big data doesn’t come from the gathering of information, that is just where it starts. The real value of big data is the ability to combine and evaluate it and uncover new insights that drives business value.
In its latest whitepaper, analytics solution provider Quantzig outlines five well-known ways to convert big data analytics into big value.
Accessing and analyzing data is different for different organizations. All organizations have different needs, different cases, and different infrastructure environments. The method and the environment chosen depends on the particular user requirements you need to meet, compared to various tradeoffs you are ready to accept.
The difficult part is not identifying and managing the wide range of data because this has become easier with the availability of flexible platforms. With the changing structure of data storage that includes on-premises, private cloud, public cloud, and hybrid cloud options, what’s important is whether you can collect and integrate all of this data together – no matter where it comes from or how it’s arranged – to find out all the possible relationships across it.
When big data analytics was first introduced only a few data scientists and expert analysts could realize its massive potential. Others did not have the tools, knowledge, or the experience needed to use the data in a meaningful way. But now it’s important that you put big data in the hands of those people who are closest to your business, who know what questions to ask, and who integrally understand, which data-driven insights will have the most impact.
Business managers are increasingly expected to support their decision-making process with hard evidence. Unfortunately, it can be difficult to find answers within a massive, evergrowing data repository. To help business users get more ROI from big data – you need to make it easy for them to explore and discover relevant data sets.
Great discoveries are almost inevitably a team effort. Bringing together a range of people with a spectrum of perspectives, skill sets, and areas of expertise to collaborate around your data greatly increases your chances of uncovering something new and profound. And that’s not all. When you take steps to enable collaboration, you set the stage for faster innovation and greater ROI. The faster you get the data into analysis, the faster you arrive at insights; the faster you arrive at insights, the faster you can get to market.
According to Quantzig's' big data analytics experts, “Big data can mean different things to different businesses. But, the challenge and the goal are the same for every business – getting the most value out of it.”