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Get Big Results from Big Data—Practical Tips for Any Business

Wednesday, January 16, 2013 8:21

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(Before It's News)

By: Bill Gossman – President and Founder of ASA Corp.

Big Data is creating big buzz. Naturally, there are different viewpoints on just what Big Data is and what companies can and should do with it. Since data analytics and decisioning are essential to leveraging Big Data, I would like to share with you some practical insights about how to harness its power – no matter what size your company is.

Surprise, You Have Big Data

Everyone should have Big Data on their radar because, eventually, every company will have to confront their own version of it.

Big Data extends well beyond conventional data sources. Online activity and social media are obvious contributors. But there are plenty of others. We now live in a device-happy, information-hungry, data-generating world.

Let’s start with an intentionally non-technical definition of Big Data: rapidly increasing amounts of highly disparate data being generated at explosive rates inside and outside the business. Applying the three Vs of volume, velocity and variety helps to establish a framework.

Tip of the Iceberg

A recent industry study found that only 3% of generated data is being tagged for use by businesses and even less, approximately .5%, is actually analyzed. The hidden positive? You’re not really that far behind. The trick is not to be overwhelmed and to get started ahead of your competitors.

Be Practical

What are your most important business goals? Higher sales? New customers? Less turn over? Answering these basic questions will help determine which data elements are needed and how to establish a solid launch point.

Be sure to consider how your new-found knowledge will be put into action and how will you track and measure results. Just like swinging a baseball bat, follow through is important. So are metrics. Think Moneyball, and how gut instinct is no longer enough.

Some action, even if imperfect, is better than inaction. Like exercise, it’s better to do something moderate on a regular basis than nothing at all. And don’t be fooled into thinking that only Olympian-level performances are worth pursuing.

Work Smart, Not Hard

Not all data is equal. The good stuff is mixed in with all the rest, like a needle in a haystack. Big Data just happens to exponentially expand the problem by making you look across fields of haystacks. But you have to look because winning hinges on finding the needles.

Fortunately, advanced software tools capable of identifying those needles in the haystacks now exist, leveling the playing field, especially for SMBs.

It’s a Journey, Not a Destination

Assign a team that has business and technology savvy. They should be able to identify data and logic that supports the goal.

It’s important to approach data assembly with efficiency in mind. Aim for an automated, adaptable process, not a one-off expedition. The same goes for how analytics (predictive and descriptive) and business rules are applied to identify insights and opportunities. Plan towards a streamlined process instead of a singular, sometimes event.

Once initial results are in and the contribution toward improved performance is clear, tweak and expand the process.

Change Your Perspective

Start looking at Big Data as an information asset instead of information overload. And don’t equate Big Data with big operational changes. A less intrusive adoption cycle means faster implementation, which sweetens the results.

Finally, apply the same criteria to vendor selection that you would for any technology decision. Does the vendor fit your operational style? What are the costs – initial and long-term, including service and maintenance? Is it sustainable? Can it be expanded to other areas? Will it scale?

There has never been a better time to bring business science into the boardroom to drive growth.

ASA is an advanced analytics and decision management software company that helps businesses harness the power of data for faster, smarter, data-driven decisions. For 20 years, ASA has worked to automate the complexities behind predictions and decisions, and integrating them into a business-ready platform. To learn more visit www.asacorp.com or email Bill Gossman at [email protected].