Companies must approach big data strategically to achieve ROI
When businesses unlock the power of big data, they can often experience incredible results. Analytics technologies allow firms in all industries to harness vast stores of information to achieve greater insight, and this can ultimately drive greater customer engagement, stronger bottom lines and more. However, for many companies, achieving these ends may require support from remote database experts, as it can be difficult to make sense of big data analytics without the right skills.
In an article for the Harvard Business Review, Tata Consultancy Services explained that organizations which have victories with big data do a few critical things differently than many other enterprises. In one survey of 1,217 executives conducted by Tata, the firm discovered that the businesses that had achieved a return on investment (ROI) were making better use of unstructured data than those that tended not to see results from their big data solutions solutions. In fact, unstructured information made up 55 percent of the data mix for "ROI leaders," compared to only 46 percent of what "ROI laggards" were investigating.
Additionally, Tata's studies found that ROI leaders were focused on using the insights gleaned from big data to address a wide array of issues within their business processes, from improving their marketing efforts to boosting success in research and development. This suggests that when companies expand the scope of their big data projects, their technologies may be able to drive bigger impacts. On the other hand, ROI laggards might not be taking full advantage of all the opportunities truly harnessing big data can create.
InformationWeek noted that one important thing for enterprises to consider when using big data analytics is what problems they actually hope to solve. While these goals might amount to a wide range of challenges, organizations may be happier with their results if they know what they're working toward.
"Yes, Hadoop's cheaper. Yes, it can handle large volumes. Yes, you can do different analytics more cost-effectively," Steve Jones, director of strategy for big data and analytics for Capgemini, told the source. "But if you don't know what you're trying to improve, you're really just shooting in the dark."
Not every organization is prepared to handle a big data analytics initiative on its own, but that doesn't mean they should pursue them at all. With qualified database experts at their side, it's possible to achieve incredible results, including better bottom lines and happier customers.
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.