Listen to: "Generating Value from Big Data Analytics"
Is Your Company Ready for Big Data Analytics?
The depth of business-critical data pools has increased exponentially in recent years. With this abundance of data comes the challenge of properly reading and analyzing it in order to improve corporate decision making. Increasingly, more and more businesses and service organizations have adopted a “Big Data” analytics model that employs advanced statistical models and techniques in the review of their information.
Big Data has been classified by Dictorship.com as “high volume, high velocity, and/or high variety information assets that require new forms of processing to enable enhanced decision-making, insight discovery, and process optimization.” Thus, according to the definition, Big Data lends itself well to analytical tools. If your company has already employed analytical techniques to your business data, and is now searching for the means to use the same tools to review larger data sets, then adopting Big Data analytical techniques may be just what you need.
The Advantages Provided by Analysis
The analysis of your Big Data has been shown in many cases to have a dramatic impact on your profitability. The ability to leverage the trends shown by your data through the use of better analytical tools may provide you with the extra information and guidance that you’ve been searching for to consistently achieve the lofty standards that you’ve set for your organization. Big data analytics can help you by better identifying:
- Process and performance improvement opportunities
- Customer spending behaviors
- The effectiveness of your own internal processes
Perhaps the main selling point for adopting Big Data analytics is that you already have the intellectual resources needed to make it work. Every day, your organization collects informational and transactional data that can tell you all that you need to know about the efficiency of your operations and the preferences and habits of your customers and clients. Without the advantage of Big Data analysis, however, you may not be able to correctly identify how that information could be used to help drive improvements.
Yet, while nearly every business or organization is sure to have an abundance of intellectual resources, they may lack the physical ones to make Big Data analytics work for them. As the name implies, Big Data is just that: big. So, too, is the amount of effort needed in order to review it. Adopting such an analytical model without the ability to benefit from it may cause your organization more harm than good. However, failing to recognize the opportunity that this analytical model presents to you puts you in danger of having a competitive disadvantage in your market.
In order to reasonably gauge your organization’s ability to support a Big Data analytical model, you should ask yourself these questions:
- Do we have immediate access to the data needed for analysis?
- Do we have the resources to make effective use of the results of that analysis?
- Have we clearly defined the roles and responsibilities of those resources?
Big Data analytics offers a number of different possibilities to you and your management team to improve both your internal and external processes through effective analysis. Yet there are certain cases where adopting the Big Data model could potentially overwhelm an organization. Understanding the business factors that should influence your decision to employ Big Data analytics in your organization is essential. We at I.S. Partners, LLC can help you review your company’s analytical needs as well your capabilities of supporting a Big Data system. With our help, you’re guaranteed to have all of information that you need in order to make the most informed decision regarding your adoption of Big Data analytics.
If you would like to receive more information about I.S. Partners, LLC, please call 215-675-1400 or email us at [email protected]