Big data define the future: 3 Ways this can be a big problem

This guide outlines how Big Data define problems as well as solutions, and drills down to how to fix that. Businesses are driven by data. Your data, properly leveraged, can provide you with a roadmap to success. It can show you what your customers think of you. It can show you which of your products are the most profitable. It can show you which members of your team are the most productive, and it can prevent you from sinking too much capital, effort and resources into the wrong endeavors.  At least… that’s the theory.

Big Data definition

When we talk about digital transformation, among the most mentioned technologies in the corporate environment are corporate mobility, cloud computing, the internet of things (IoT) and Big Data.

But, after all, what is this Big Data and how can Big Data define problems and solutions in the business world? The concept of Big Data describes the large volume of data (structured or not) that is generated every second. Put more simply, Big Data is a process of analyzing and interpreting a larger and more complex set of data, especially from new data sources.

This dataset can be used to solve business problems and help with decision making. Today, practically everything has become data. Having access to this data and knowing how to analyze it has become essential for any business segment. The analysis of large amounts of information is one of the great trends in technology and Big Data is increasingly present in different departments within a company and even in the industry.

Whether in the sales area, in the financial sector or in the communication and marketing department, companies that invest in Big Data improve their performance by creating competitive advantages in the market. Big Data can store any data collected about a subject or a company, such as sales and purchase records, and is a real example of how you can ensure better results with the help of technology by providing new information that opens up new opportunities and models of business.

It’s possible to tie Big Data to work in practice. From the analysis performed, it is possible to determine patterns and improve processes. Crossing and analyzing this data is known as Big Data Analytics.

Where does the data collected by Big Data come from?

According to the Gartner Institute, by 2020 there could be a total of 40 trillion gigabytes of data in the world. That’s 2.2 million terabytes of new data generated every day. Everything that is available in the online world, in a non-confidential way, is within reach of Big Data, no matter how much information. This range of data can be grouped as per interest.

With this, we can see that there is a variety of data, coming from different sources, in structured formats (which are available in a rigid format) and unstructured (they do not follow rules and are presented as they appear, for example: videos, images, and -mails or posts on social networks).

All of this data comes from three places:

• Social networks;
• From a network of connected devices;
• Publicly available sources.

Big Data define the problems as well as solutions

When businesses start grappling with Big Data, they can often find that it’s an unwieldy beast that creates more problems than it solves. Rather than helping you to streamline your business operations, it may seem that it adds procedures and policies that seem to make things harder. Here are some of the ways in which Big Data can become a big problem for your company, and what you can do about it…

You get struck with analysis paralysis

Analysis paralysis is a common condition that occurs when you feel trapped like a rabbit in front of the headlights in the face of an avalanche of data. You may spend so long trying to make sense of your data that it actually impedes decision making. Which is why analysis should always be supplemented with the kind of gut instinct that got you where you are in the first place.

You’re not sure what your data is trying to tell you

It’s one thing being able to collect vast quantities of data. It’s another thing being able to mine it for actionable insights. The kind that will make your business more efficient, more in tune with your customers’ needs and better placed to gain an edge over the competition. Which is why, if you expect to make sense of your data, it’s a good idea to invest in Business Intelligence (BI) software like Enterprise Search. This can ensure that no matter how complex your organisation gets, your data remains simple. It can ensure that you can get access to your data no matter where you are, and that you can share it with the people who need to see it in a way that’s accessible and clear. Which brings us to…

You’re not sharing data with people in a way they understand

Data can only be so useful when you keep it all to yourself. All too often individual departments find themselves operating as semi-autonomous data silos, expecting that Big Data define everything for them for their particular needs. They’re keeping a close eye on their departmental metrics and KPIs to drive performance, and that’s great. But they have no idea how their efforts make your business more profitable or tie into your broader organizational goals.

Sharing your data among different departments is central to ensuring that everyone is pulling together in the right direction… but that’s really just the tip of the iceberg. You also need to present your data in a away that makes sense to the recipient and engages them.

Use the lens of their departmental metrics to get them invested, but be sure that this is tied explicitly with the bigger picture and your overall mission statement.

With the right tools and a little knowhow, wrangling Big Data can become much more manageable!