Big data seems to have emerged as the next big thing for every enterprise. However, before taking the plunge, it is essential for organizations to understand that big data isn’t a mere technology; rather, it is a business program, consisting of three distinctive steps, targeted at propelling performance improvements and competitive gains. Below is an insight on the 3-step process which companies should adopt if they want to exploit the true power of data, for the best interests of their business.
Step 1 – Sourcing and Identifying the Right Data
Organizations are drenched in a vast volume of big data. However, the challenge lies in sourcing and selecting the right data that would help in yielding better decisions. Enterprises need to undertake a comprehensive look at the available information by being specific about the issues they wish to probe. It is also important to be a little creative about the sources of the data. For instance, considering the present rage of social media, it would be prudent to gather information from social networking sites, in the form of images, video, and feeds, which would render an insight on customer experiences & perceptions. It is also imperative to deploy the latest and necessary IT infrastructure for sourcing and managing information.
Step 2 – Building the Right Analytical Model
While big data is the foundation stone, it is the analytical models that assist business honchos to predict outcomes, ascertain risks, and optimize operations. Managers need to first identify an opportunity, followed by devising a model, which would help in enhancing the performance. Of course, today’s advanced and robust statistical techniques account for better models, which are practical and less complicated, than those of yesteryears.
Step 3 – Take Initiatives for Bringing About an Organizational Change
The third, and the most challenging step is to bring about an overall transformation, by embedding analytics deep into the organization. One should bear in mind that the analysis would be meaningless if the insights cannot be put to their best use. To this effect, the company itself needs to take certain initiatives. Firstly, one needs to create models, which are simple, intuitive, & engaging, so that the frontline managers can apply them in their daily operations. It is also essential to ensure that the analytics are relevant to the existing decision processes so that the decision makers can easily implement them in their judgments and trade-offs. Thirdly, the enterprise needs to develop its internal capabilities and culture, so that it can act on the insights that are derived as a result of the data analysis. For this, organizations may need to adopt a multi-faceted approach, which would typically include training, incentives, role-modeling, and much more.
It is important to note that a combination of these three steps makes for a successful data-based strategy. Further, all the three activities are mutually supportive, and skipping any one of them, would prevent the company from deriving competitive advantage from their data assets.
Acer Innovation is a leading edge data analytics firm providing consulting services to a diverse range of industries. For more information on the use of technology and services provided, one may visit http://www.acerinnovation.com/