What Big data analytics mean for your company?
There has been an explosion in the way data and information technology based organisations have tried to exploit the Big data and big data analytics for the purposes of gaining useful insights for their businesses.
Whether these are business insights or exploring the power of big data analytics to gain a better traction within the implemented practices of the organisation; the promise and the potential that has been projected, is immense.
Although, a lot of industry and outside experts have now taken a slightly cynical role in critcising the way organisations have taken a liking to big data analytics. In their opinion, big data would just become another technology bubble which was being hyped up just like the Y2K problem.
True or not, only time can tell that. Although the companies who have tried to leverage the big data opportunity are already claiming significant success within their working domains.
Whether it is feeding this big data towards testing their visual and behavioural analytics engines or trying to make these data sets readily available to machine learning engines. The way and means are plenty but as a company or an organisation, it would be important to know the role of big data and big data analytics and position yourself accordingly.
According to a recent article in Harvard Business Review (HBR) the companies do not have an actual plan in place to exploit the power of analytics in the time to come.
The report goes on to further say that there are glaring disparities within the industry and how it explores and uses the big data analytics to its advantage.
One of the industries severely lagging behind within this domain is the telecommunications sector which has a thing or two to learn from the retail management and services industry who were the earliest to adopt big data analytics.
It reports that a tangible goal has to be determined by the organisation in terms of what it wants to achieve by employing the big data analytics and what value addition would be resulting as parts of these efforts.
The organisation management has been identified as the keystone decision maker within the employment of big data analytics. It is the management which is responsible for undertaking such pursuits and applying it uniformly across the other depratments.
The HBR report further goes on to say that a two-pronged approach is necessary in today’s hyper-competitive markets. On one hand the companies need to undertake a high risk high reward approach to implement the big data analytics within its framework. While, on the other hand, the companies need to understand the role of improvement which big data analytics would bring about to their core operations.
There is another crucial factor which would make these company wide efforts a success. It is selecting a dedicated data analytics team which has its work cut out from identifying, selecting, understanding and employing big data analytics insights carefully.
It is more of an art that uses the big data analytics science as a tool as they dance hand in hand to the symphony of constantly crunching numbers.
Establishing clear cut goals and deliverables via the employment of big data analytics methodology and understanding the value addition it brings about is essential for any organisation which is readying its troops for this next big revolution.
Finally, embrace the change this approach is going to bring about to your business and the way you have been conducting your business. Look into the future of all this and understand this clearly, if you are not exploring and exploiting the big data at your disposal, someone else in the industry would be using it to their advantage. Overall, it would be a double whammy of losses which will go on accumulating if attention is not being paid to big data analytics.