As with numerous IT trends, many businesses are likely to have initially shied away from Big Data, citing cost and difficulties with implementation as prohibitive factors.
However, the proliferation of useful data thanks to customer sharing, sensors and other technology means that it’s now easier than ever for companies to take advantage of these large sets of information. The data is accessible, and businesses just need to ensure that it’s at the right level of quality.
This piece will take a closer look at why now is the time for Big Data, and what companies can do to ensure this information is managed correctly.
Many businesses are likely to have initially shied away from Big Data.
Taking notice of Big Data Governance
A recent Forbes Insights report, created with Teradata, titled ‘Betting on Big Data’ said that organisations are now starting to realise the true value of relevant information. Thanks to new and more varied sources of data, and effective ways of analysing this content, businesses can create connections that make it easy to convert the information into “actionable insights”.
“By analysing everything from consumer transactions to location data, organisations are realising key business advantages and achieving a measurable impact on revenue,” the report noted. “Simply put, organisations are looking to data to build new business models, discover new product offers and monetise information.”
The report pointed out a potentially serious issue for businesses, and one that many may neglect. It found that leaders are struggling to make decisions based on data, an issue due in part to siloed information. Essentially, this means that data is stored in numerous areas across an enterprise, with no clear link between them. When staff need to access information, it’s often difficult to find.
Interestingly, the report found that 59 per cent of respondents considered Big Data and analytics a top concern with regards to the organisation, whether a top five issue or the most important way to gain an advantage over competitors. More worryingly, just 51 per cent of these businesses have CEOs who are focusing on Big Data initiatives.
“Despite all the buzz surrounding big data, many organisations continue to be data rich, knowledge poor. That’s because gleaning actionable insights from sources such as social media streams and consumer transactions takes more than just tools,” the report noted.
It’s clear that a solution is required, one that can facilitate a change in how data is managed within the organisation. So, what exactly is this solution?
Data – effective ongoing management
Businesses should consider the implementation of an effective data governance approach. However, it’s important to ensure that this is both flexible and adaptable. Why? Because flexibility and adaptability mean the approach can be tailored exactly to the needs of the organisation.
A framework should also govern the complete lifecycle of information within the organisation, from when it’s first created through to eventual destruction. What’s more, it should grow at a pace that’s suited to the business. When effective governance is in place, it’s no trouble for a company to bring new information onboard on a regular basis, and utilise it effectively.
As noted above, effective data management is as important as the information itself. After all, companies cannot expect to derive useful insights from large data sets if it’s not easily usable or in the right format. To learn more about how to ensure data is always actionable and at the right level of quality, reach out Mastersoft today.
The amount of data is certain to continue growing, and businesses would do well to ensure that effective governance is in place.