The universal presence of the word “Big” is a common cause of many big data questions, fears and anxieties. This one word alone can explain the intimidating nature of “Big Data.” While a fear of big data might be normal, Research Optimus can show you how to successfully wrestle with and overcome these daily challenges.
The Business Impacts of Big Data
When thinking about the everyday impacts of big data, there are three common business strategies to consider:
- Information Strategy — Big data is forcing business enterprises to find new ways to drive growth by leveraging information sources. The constant challenge is to make strategic data management decisions that transform your business.
- Data Analytics — By using large datasets, businesses need to predict future customer behaviors and outcomes by making data insights. Uncovering new sources of big data to combine with existing enterprise dark data is likely to be a regular business challenge.
- Enterprise Information Management — While information is literally everywhere, you must find ways to manage access to the information so that innovation will be facilitated by rapid information processing.
Not Finding the Right Data Scientists
Developing skilled labor shortages are rightfully a fear and question for data management and big data. Without the right data scientists, your worst big data fears could indeed come true. In the U.S. alone, it is estimated that potential employers are facing a shortage of up to 190,000 employees with analytical expertise and 1.5 million analysts and managers with skill sets to understand big data well enough to make informed decisions.
To minimize this practical anxiety when cracking the big data trends, you should consider two solutions — keep your best employees from moving to your competitors and consider selective use of outsourcing to data management experts.
Lack of Technology for Big Data
Many companies of all sizes are constantly worrying about how to keep up with the evolving technology required managing big data needs for their business. One of the practical challenges is how to choose among a lengthy menu of data analysis tools — what do you really need?
This potential concern is a common contributor for companies that over-spend in order to cope with big data. The practical solution for many companies can be as simple as a spreadsheet. Experts can frequently be your best initial source of advice and information about handling big data without “breaking the bank.” Simpler (and less expensive) is often a better way to go — this is why outsourcing is often used so successfully as a data management strategy (and inexpensive answer to many big data questions).
Fear of Greater Accountability and Transparency
This is always a tough big data fear to handle. The delicate balance among productivity, performance, accountability and transparency are usually legitimate concerns that deserve your serious attention before making big data decisions.
One piece of advice is to acknowledge this particular set of anxieties, fears and questions about big data at the earliest possible point. Can the leadership of your company help create a positive environment for analytics-driven accountability? For example, in some forward-thinking companies, future employee bonuses and pay raises are tied to achievement of increased productivity that is monitored by big data analytics. The presence of independent data management partners can also be part of a “consensus” big data solution that alleviates some of the most common fears about transparency and accountability.
How to Adopt Big Data Confidently
“Confronting your fears” is often a wise solution because it involves discovering that many potential anxieties and fears are “over-rated” once you examine them more closely. In many cases, that will be precisely what you are likely to discover when you take a long and hard look at what big data really represents for your company.
During the process of evaluating big data do’s and don’ts, here are two thoughts to start with:
- Do include experienced partners like Research Optimus.
- Don’t try to do everything yourself — outsourcing can save you both time and money.
We would appreciate any thoughts you have about problems and anxieties in dealing with big data — and also sharing comments with your social media friends by using the share buttons.