An enterprise Big Data strategy allow businesses to understand consumer behavior, decrease operational expenses, and increase ROI. Adopting this business strategy is difficult due to the sheer amount of data available. These numbers are expected to double every two years according to the 2012 study from the International Data Corporation.
Developing a system to organize, analyze, and store data is important to a Big Data strategy. This plan helps to control vulnerabilities as well as manage the information sent to your analytics department. To ensure that your plan is effective you will need to consult an IT solution expert to determine how to handle the influx of data computing.
While you consult an IT specialist regarding your strategy, there are three steps that you can follow to outline your plan, these include:
Identifying Where Big Data Can Assist
Research examples of how Big Data helped to solve business problems within your industry. These examples can then be tested by using your own information to replicate these analytic strategies. After completing one test of Big Data, compile a plan of all of the areas that Big Data could be of assistance to your organization.
A great example of an area Big Data would be of use is in the Logistics industry. Vehicle electronic recorders can record the speed of transport, locations, and a multitude of other information. This data is often used to optimize distribution costs and time. Identifying where Big Data can assist you would be making a list of the data that you have collected and how that information can assist the organization as a whole.
Aligning Company-Wide Data
Sharing data between departments will help develop a full picture of your business. A complete Big Data solution allows for you to better understand your customers and business operations. In a survey from Lyris and The Economist Intelligence Unit, they found only 27 percent of companies integrate data from different sources. The majority of companies do not capture a unified view of customer data which can lead to poor business decisions.
Combinations of various datasets enable companies to gain understanding of existing data and discover new opportunities. Integrating with external data sources can give you an additional competitive advantage.
Developing an Analytics Team
To interpret Big Data you will need an analytics team. It is crucial to a successful Big Data strategy to have a data scientist studying trends and making recommendations. A tech savvy Chief Marketing Officer can be a boon to an organization looking to develop an enterprise Big Data strategy.
Generating revenue while reducing costs are the greatest benefits that come from Big Data. Start developing your Big Data Strategy, today, to gain greater insights and actionable intelligence for your organization.
If you have any questions about strengthening your current IT infrastructure to manage Big Data, contact us below. With over 20 years of experience offering IT solutions, our team will be sure to have recommendations that fit your budget and business needs.