Over the past decade alone, big data analytics (BDA) has seen huge leaps economically, technologically, and theoretically. At some point in the future, businesses and individuals will be feeling the benefits of big data in a truly big way. But if companies hope to get the most of BDA, they’re going to need to approach it with a fourfold path in mind.
1. Right Data
Times used to be that companies really wanted to limit the data that they were looking at. After all, people and machines used to be fairly limited in as much as they could process and draw meaningful conclusions. With the advent of cloud computing, advanced AI, and a more data-educated workforce, being able to process the sheer volume of data is no longer a limiting factor. The question is no longer how much data, but which data to look at. Your organization need to be somewhat selective in the amounts of data that it’s analyzing. Make sure that the data is relevant to your desired outcome. Make sure that it’s up-to-date. Make sure that it can be portrayed in a way that makes sense to your audience.
2. Right People
Years ago no one knew what a data scientist was. Given that data was in the name the easy guess was some sort of statistician. Over the yeas big data analytics has emerged as a profession requiring new breed of specialists. Now it’s commonplace for universities and technical schools to offer degrees not only in data science, but also data engineering, analytics architecture, in addition to a number of focused programs that cover everything from Apache Hadoop to SQL. Make sure that your BDA team is well-rounded. As a bonus, make sure that you have someone who can transmute your number-heavy conclusions into digestible infographics and other visualizations.
3. Right Technology
BDA is a cutting edge field that requires cutting edge technology. There’s no shortage of options to invest in: increased memory, parallel processing, grid computing, and soon quantum computing. There are a number of options and they are only going to continue to grow. Don’t get overwhelmed with the options. Invest overtime in equipment that fits your budget and your purpose (cloud, mobile, SAAS, etc.) and once you’re able to prove it’s worth, then consider that hefty upgrade.
4. Right Situation
In order for analytics to be useful a number of factors need to be checked off. For starters, big data analytics is a new and powerful tool. If your company plans on using it, make sure that everyone (especially managers) know what it is and how it will be used. Once that’s established, make sure that your company is using big data with a purpose. It’s not enough to simply cull loads of data and try to extract value from it. If that’s the way you approach big data then you could spend uncounted hours working with out really seeing big results. Set yourself up for success by approaching your analytics with a desired useful outcome, a limited set of data, and the goodwill of those in the company who are not directly involved in BDA.
Mark Juviler is the Founder and President of Pulse Technologies, a technology consultancy company for high-level database and software design. With Pulse Technologies Mark has worked with a wide variety of companies from hedge funds and banks to NASDAQ.