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
- 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?