Big Data Can Yield Big Money – If You Master It
With more information streaming around the globe than ever before and even more on the way every year, it is no wonder that the big push in recent years is into big data. Companies can increase their profits easily if they figure out how to collect and properly utilize big data, but according to most researchers, this is a process that is escaping most companies. In order to avoid these pitfalls and get beyond data illiteracy, here are a handful of tips to help you move your company forward in the big data race.
Finding Good Data: What the Right Data Can Tell You
The first cornerstone of mastering the field of big data analysis is knowing how to find the information you seek, and this requires knowing data intimately enough to pull questions out of it. In essence, you and your employees must act as data detectives, reading all the data you have and deducing what sorts of answers you may derive from its myriad clues. Once you have figured out how to read and analyze data effectively, figuring out what the data can tell you becomes much easier. Once you know what the data is saying, you can begin to tackle the question of whether or not your new knowledge will lead to a well-researched decision; the more comprehensive your understanding, the more decisive you may be.
Funneling Data Properly Requires the Right Structures and Infrastructure
Before you can begin to analyze and decode your data, however, you must have a way of collecting and classifying your data. There are many machines and devices that collect data, including computers, phones, and all the tech inside them, such as email, apps, websites, click trails, and social media. Most of the technology we use has some way of recording data, and the better you are at collecting and sorting that data, the more streamlined your company’s data analysis will be. It becomes a matter of infrastructure and how you set up your data networks; if they are easy to navigate, the analysis process will go smoothly.
Communication Breakdowns Must be Avoided on the Personal Level
Data talks and clever employees listen to it, but that doesn’t mean people are talking about the data in a productive way. One major obstacle in the way of proper data leverage is the breakdown of communication between managers and data analysts; more often than not, the lines of communication between employees who collect and interpret the data and the leaders who decide what to do with the data become strained. This must not happen. In order for the best decisions to be made, data must be discussed openly and frequently. The more you know about your company’s data, the better your decisions will be.
Understanding Your Needs and How to Meet Them
Before any of these problems can be worked out, you must identify your company’s data needs. Once you have figured out what data your company requires and how to get it, you can start to accumulate the proper resources and knowledge to use your data effectively. The end goal is also the beginning; know where you want to go, then start going there.
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Joshua Crawford | Managing Director | PROPRIUS