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Want to succeed with Big Data Analytics, Read these 5 Tips
In today’s business world when everything is revolving around Big Data, still there are some enterprises that do not rely on big data analytics. They are skeptical on its ability to go well with their own business insight.
This of course pops out questions like how do other leaders think of Big Data analytics actually help them get insights of their business behavior? Well, to help you out, here we have come up with five expert tips….
New Analytics means New Behaviours:
According to Michael Schrage, a research fellow at MIT Solan School’s Center for Digital Business, those who want or struggle for moderate outcomes use Big Data analytics typically in decision supporting. Contrary, big data achievers leverage big data to alter their communications.
He encourages more sharing and collaborative work, adding business processes and re-assessing existing incentives.
Ask the business to discover the business processes/behaviors that call for illumination
If you want to succeed with big data analytics then you need to form an analytical culture. To do so, think of what business leaders would need to understand or according to them what might have to be re-assessed.
Form a story or a history lesson with your data
Rather than charts, narratives give more insights. Even experts agree on it. At the place of querying the data as we often do, expert recommend examining it to find out what story it has to tell. This is known as data journey. When it comes to analytics, people find history more interesting than a math lesson.
Boost analytical skills across your organization
Analytics will need some sorts of retraining at all points. It will be transformative rather being merely a support.
Integrate and pile up more data
At first stance, you may find it crazy when you are already trapped in large data sets. However, one of the important game-changing aspects of Big Data analytics is that it let you add more data to processing. That involves integration of data sets that now reside in silos, but it also means looking outside the business for other relevant external data.
The combination of internal & external information is what gives businesses a new way to insight.
A game plan is required for assembling as well as integrating data. Critical data may exist in legacy IT systems that have controlled in areas like pricing, customer service and supply chains. Complicating these things is a new twist, often critical data reside outside the businesses, in unstructured format for example social networking communications.
Remember, Big data analytics is not just a larger yet better version of Business Intelligence (BI). BI does well at reporting and compliance — but in case of Big Data, these are low-hanging fruits that can be picked any time.
There have had been many arguments over it whether or not organizations would reap the greatest returns from it to better optimize their existing behaviours. It doesn’t matter whether the analytics solved the problems or not, it of course changed the behaviours.
Hence, we see that big data analytics is going to play an important role for enterprises to get relevant insight of their business.
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