While big data is crucial for organizations, many are not using them the right way because they simply don’t know how to. This leads to loss of data and analytics, which ultimately leads to the loss of profits. In fact, according to research, most organizations analyze only 12 percent of their data, leading to loss of insights.
To make sure that you are not missing out any insight, here is what you can do while analyzing big data:
• Clean all data first
Before you merge data from different sources while handling data, always ensure that you clean the previous data first. At first, this may seem like a time-consuming task that only gives you more work to do, but you will see that it brings you plenty of benefits in the long run, including reducing complexities of projects, simplifying account development, and helping you minimize costs.
• Be sure of the end goal you are working towards
Always be certain of the end goal you are working towards with your big data analysis. Not only will this help make your process more efficient by guiding you in your path, but it also provides maximum value to the organization. It is important that you identify your business priorities, whether it may be managing risks or improving operational performance. You can make data models and analytics solutions prior to the needs of the system.
• Have a definite organizational structure
Studies have shown that organizations with a definitive structure where there is a dedicated predictive analytics unit have a success rate that is 2.5 times better than organizations with decentralized or ad-hoc teams. By having a dedicated team, organizations can bring together big data technology and leaders, thus intellectualizing new use cases, while outlining best practices.
• Focus on flexibility when it comes to reports
Don’t make the mistake of overestimating the number of reports that you would require. Your new analytics solution should instead focus on flexibility, where you would have a budget that allows you to develop your own report on a need basis. This is more cost-effective.
• Invest in skills, not just solutions
Successful big data analysis also requires skills, not just solutions. This is why the efficient training of your employees is so important. It gives them the knowledge and skills they need to make the most of the system and can also help you in saving costs that would have gone to consultancy and development fees.
Last modified: September 27, 2020