Mistakes companies make in managing Big Data
Small and medium-sized business (SMEs) are increasingly coming to terms with the possibilities of Big Data. The potential of managing thousands of worth of terabytes in data in order to leverage better marketing and business decision making is opening new opportunities for businesses in a way not possible before.
According to a research conducted by Forrester last year, companies are evaluating only 12 percent of their entire data, which points to the enormous scale of potential companies have. However, despite the growth in big data, companies are making substantial errors in using big data, causing them to experience significant hurdles in achieving their corporate goals and objectives.
A few companies, for instance, do not know how to make the best use of big data and are overwhelmed with the complexity of the technology at their disposal. The following are some errors that many companies make in managing Big Data.
1) Lack of preparation and planning
Big Data will not amount to much use if the company that invests in the technology only does so out of the need to conform to the latest fashion. It can only get too easy for managers and executives to assume that they have won the war because they have the best weapon. However, it is only worth investing in it if the company has the right resources and capabilities to manage the data, and most importantly, has the architecture in place to support it.
This is because big data many not be applicable for some businesses, and there is no point using it if large datasets are not a reality for the company. Furthermore, Big Data also has to be used in conjunction with the overall corporate strategy and specific business goals. If not, whichever technology is being used, it will not prove to be beneficial.
2) Not knowing which tools to use
Making the best use of Big Data requires knowing exactly which tools and processes to maximize the usefulness for the organization. A company can be collecting very large amounts of data for analysis, but have no direction or clear strategy on what tools to use for the benefit of the company. If you have a company and want to leverage the best of Big Data, make sure your data analyst, as well as your entire IT staff are familiar with the challenges faced by the organization and also what data analytics applications to use.
3) Underestimating data complexity
What makes Big Data different than other platforms is that the data is highly complex. Data analysts of companies should not underestimate this aspect in the least. Big Data consists of a number of hidden layers, which are only identified upon close inspection. There are also various details of Big Data including formats, structure, metadata, and content.
Therefore, companies should have employees who have the technical skills and expertise in leveraging it for its potential in an effective manner. Using Big Data, whether it is for mathematical modeling, statistical use, and text mining, involves being familiar with the data details and knowing the intricacies of using the specific tools to extract information that can be of strategic value to the company.