Enterprises are increasingly investing in technologies to mine big data for valuable insights, but these initiatives can only reap rewards with strategic planning. In order to fully fuel ROI from big data spending, firms will need to first consider database administration services to ensure full awareness of all information, where it is stored, how it can be analyzed and what purpose it serves.
David Court reported for The Harvard Business Review that an effective strategy depends on prioritizing initiatives based on what capabilities will most impact the business' capital. Further, enterprises need to carefully choose which internal and external data they will integrate, and implement analytic tools that will best fit specific business goals. The first consideration for these plans, according to Court, is the actual data, which requires a detailed blueprint for how to integrate information that may have been previously siloed by business unit or function. Data architectures may need to be overhauled and reorganized, and unstructured data like social media interactions may require new tools for incorporation.
According to Court, the main reason that big data plans fail is that they often lack the right people and tools. By assembling the proper balance of database experts and analytic technologies, enterprises can ensure that big data plans reap maximum benefits.
Organization and accessibility for analytics
CIO contributor Rob Enderle agreed that the issues around big data typically relate back to management. He explained that many enterprises treat big data like buried treasure, but firms often don't know how to find the valuable information because data is so poorly stored and indexed. The key, he asserted, lies in accessibility: Big data depends on rapid access to analytics and reports. The most valuable analytics are in real-time because they are the most relevant to immediate business problems and questions. However, executives need to be able to find and use big data more quickly to improve decision-making.
Enderle was adamant that big data is not a DIY issue. It is crucial that businesses seek data analytics support that promises to take on all sources and stores of information including traditional repositories, has experience with public and private cloud resources and has the capacity to deliver real-time streaming.
By leveraging analytic technologies with reliable solutions to managing a variety of data types, enterprises can use big data projects to drive better overall information management and a competitive edge.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.