Big data doesn’t need to be ‘big’ to be effective
Many organisations accept the need to become data-centric to operate more effectively. Using big data to inform business decisions can help organisations achieve significant efficiencies and a competitive edge. However, businesses are losing sight of the importance of quality rather than quantity when it comes to big data, according to RoZetta Technology.
David Sharp, CEO, RoZetta Technology, said, “When looking at big data, the word ‘big’ often seems to be emphasised. It’s important for businesses to remember that data quality, appropriate analysis, and the ability to implement insights are far more important than the size of data. Once a company can achieve this, they can truly start to see the benefits that come with a data-centric approach.
Data collection and analysis capabilities are increasing due to the advances we are now seeing with machine learning, artificial intelligence and the Internet of Things. These technologies make it possible for organisations to base decisions on accurate, valuable data. However, to build a data-centric environment, data has to satisfy three basic demands. It has to be relevant, dynamic, and timely.
1. Relevant. Each interaction must support the business and its objectives. It has to address key demands and requirements. Relevant data can lead to natural conversations and workflows to enhance the decision-making process and customer experience. Conversations are also about discovery. Capturing inputs can lead to prescriptive insights which, when applied to improve processes, are the most valuable.
2. Dynamic. Conversations need to be continuous across channels. In today’s omni- channel world, the collection and use of data has to be accessible on the right device and for the right customer. If the data isn’t dynamic, the conversation ceases to be insightful, diminishing its value.
3. Timely. One great benefit delivered by big data tools is the capacity to process enormous amounts of complex data almost instantly. Information or insight must be available on demand. Speed can be the difference between using data at the right time for effective decisions, and using data that is irrelevant, which is the same as not using data at all.
David Sharp said, “Simply collecting lots of data doesn’t make a business data-centric, and misses the point of big data. Companies need to aggregate and analyse the data effectively so they can gain insights that actually help to make game-changing decisions. Businesses should aim to become data-centric; doing so yields significant benefits. For businesses without the internal expertise and resources to turn big data into insights and actions, it can be useful to consider a strategic partnership with a data expert that can help deliver analytics with speed and flexibility.”