Big data has launched a booming industry in data analytics and science. Investing in big data is all the rage right now. But as with many topics that become buzzworthy, its core values often get lost in the hype. Big corporations and small startups alike are making a big deal out of analyzing big data.
Here are the biggest business mistakes – of varying degrees, but all mammoth whoppers.
- Misunderstanding the System & Data: The biggest problem with this is that companies don’t always know how to leverage it fully. The first step to deploying big data is whittling down what needs analysis. Companies do not have a qualified Data Scientist or someone who can interpret or map/reduce the proper dimensions of data. Instead, they rely on non-qualified personnel to interpret data. The improper analysis of data can be very harmful to a company.
- Crowd Mentality: As Big Data is at the top of SEO many people just misunderstand it. The need for going for big data must be studied very carefully and patiently – there is no plug-and-play recipe around, and no size-fits are available. And surely, it may not fit every organization, but again, it is about understanding the reason why it should be done in the first place. With an understanding of the vision and/or the goal comes the proper planning that helps identify the right people, the right process, and the right technology for big data.
- Avoiding Track Time & Cost: Many companies don’t invest enough in time tracking and cost accounting. Especially for a service-based business, having the proper time-tracking tools for true cost accounting is very important to be better able to tell true margins across all offerings. This information can be used to increase efficiency and profitability.
- One-stop-shopping: Many organizations treat Big Data as a one-time investment and expect to run it flawlessly after the initial implementation. This is one of the more common mistakes. While implementing a BigData solution, you need to keep track of the progress and make tweaks. Even after implementation, you need to modify it in accordance with your changing business needs and goals.
- No Strategy: The final and probably the biggest flaw is not having a strategy at all. Organizations still find it hard to come out of the “Excel culture” of manually entering, storing, and analyzing data. It is not only time-consuming and obsolete but is error-prone and least effective in this fast-paced business environment. Having a poorly implemented strategy is equally dangerous as having no strategy. It invites unwanted costs, complicates the entire function, and adds silos.
Last but not least:
It is sensible to say that Big Data is a key factor to implement digital transformation. A competent solution can empower an organization’s decision-making capability, optimize the use of big data, and boost productivity and growth. That’s the process that tips big data from a checklist item to a true strategic differentiator — because even in the truest definition of the term, big data isn’t a solution to any business problems.