The idea is pretty simple: the more you have of something, the more challenging it is to manage. This absolutely holds true when it comes to data. Today, we’re seeing the “datafication” of the modern business and almost all organizations, across every industry, becomes a digital entity.
This means that companies are leveraging digital tools to reach more customers, work more effectively, and create market differentiators for their business. Throughout all of this, we have to focus on the creation of data, and what this means when it comes to management.
With all of this in mind, let’s look at five key points when it comes to working with big data and how to optimize the utilization of data as a key company asset.
1. Work with good people—and good partners
Big data is a big concern for a lot of organizations. And, they’re actively looking for good people who can help. If you look on Indeed.com, you’ll find that about 13% of data-related job postings data engineers. Compare this to less than 1% for data scientists. Ultimately, this reflects the major trends around big data initiatives and how they’re becoming mission-critical for the organization. This also shows the need to provide broader support to the business analyst.
Furthermore, a recent Gartner report indicates that the benefits of new and advanced analytical tools may be limited by a lack of skills. Through 2020, a lack of data professionals will prevent 75% of organizations from achieving the full potential of understanding and working with data created by, for example, things like connected devices and IoT. This is why, by 2020, 80% of organizations will initiate competency development to improve data literacy. The point here is that you don’t have to do this alone. And, through a shortage of good people, amazing partners can help. Data will continue to grow in importance, technology partners can fill the gap where you may lack critical expertise.
2. Look to the cloud for big data management and analytics
When it comes to working with big data management and data analytics, the cloud can absolutely be your friend. In fact, Forrester expects 50% of enterprises to embrace a cloud-first policy in 2018 for data, big data, and analytics, as they look for more control over costs and more flexibility than on-premises software can deliver. And, in leveraging cloud, 66% of enterprises will deploy insight centers of excellence as a remedy for organizational misalignments.
Cloud solutions aren’t only agile, they also offer data security. Where on premise solutions can be limited, working with powerful cloud solutions can really help you stay agile and secure. Furthermore, you’re leveraging an infrastructure that’s designed to grow with your business.
3. Leverage data warehousing to create competitive advantages
The concept of a data warehouse has been around for a while. However, modern data warehouses are much different. How? They’re incredibly smart.
These types of solutions can automate the collection, modeling, and scaling of any data. Furthermore you can turn any siloed data into insights in minutes, without additional data engineering resources. So, if you’re lacking good people, work with solutions and partners that still allow you to leverage data effectively with fewer resources.
4. Data visualization can help with analytics and context
Let’s make this clear: data is useless if you don’t know how to use or understand the information. That said, data visualization allows you to position information to the right people and allow them to consume this data most effectively. Ultimately, this gives them the ability to gain insights around the market and their own business as efficiently as possible. Through presentations like charts, videos, infographics and even virtual reality and augmented reality (VR & AR), data visualization allows you to consume data effectively and through key contextual points. Basically, you consume data as it matters most to you. When working with big data management, absolutely make sure that data visualization is a part of the strategy.
5. Work with tools that make data analytics and management easier
Don’t just work with ‘big data management’ tools. Work with solutions that make your life easier. It’s no wonder that Forrester is predicting that 20% of enterprise will deploy AI to make decisions and provide real-time instructions. There are some really powerful tools out there which not only provide data analytics and insights, they help you make better decisions around the market and your business. Specifically, they can help you find faults in process, areas where you can improve customer interaction, and even where to create a competitive service based on market shifts.
As new concepts like IoT take root in our world, data creation will only accelerate. This means that it may become even harder to manage this treasure chest of information in the future. If you want to differentiate yourself in the market today, start working with good big data management solutions. In some cases this might mean partnering with an organization that simply helps you better understand how you’re generating and leveraging your own data. The kinds of insights you can get can be truly powerful. However, you need to get started on this journey if you haven’t already. There is so much value in the data you create; but you’ll have to leverage the right tools and partners to really gain some amazing insights.
