From Data to Insights: The Blueprint for Your Business
By Shafiya Samreen, August 18, 2017
Big Data is considered as “New Oil”. It’s been around for a long time now, and it’s one of the most trending phrases in the world of business. If you take any organization, a variety of data (Volume, Velocity, Variety and Veracity) is generated in a day; it can be from internal and external sources. You cannot manually aggregate and analyze so much data, fast enough, to gain insight and turn that insight into action. So that’s where Big Data comes into the picture. It helps organization to turn massive amounts of data into actionable insights. Data is a core factor in everything we do. From day-to-day decision making, all the way to major business decisions, we use information to help us evaluate which move is the right one.
Big data Analytics span across four different types of analytics: Descriptive – answers the question – “What happened?” provides the picture of past events. Diagnostic – answers the question – “Why did it happen?” performs root cause analysis and uses the information to prevent future failures. Predictive – answers the question – “What will happen” uses advanced algorithms – often with artificial intelligence and machine learning – to forecast future events. Prescriptive – answers the question – “What should I do” offers the best steps to achieve a specific result.
Let’s take a look at why big data continues to be a force factor in the technology sector. There are several reasons that an organization can think about for investing in Big Data.
New trends are coming up on a daily basis and markets are constantly changing, and you need to keep up. Last month’s decisions might have been the best decisions and today it would work only if markets are static. Having an automated process to develop good, evidence-based decisions is the only way to address fast-changing markets.
The volume of data generated every day is staggering, and new sources of data are constantly developed. You need big data analytics designed to handle the flood of data from audio, video, Internet of Things, social media, real-time market feeds, and more. It’s impossible to manage all this data with traditional systems like spreadsheets and Excels. You need something more powerful and robust.
Data which helps you make good decisions resides in many different places and locations. You need to collect structured and unstructured data from all these sources. Big data analytics helps you gather all the data you need in one place, from analytics and shipping routes to market prices and global economics. It gives you the power to make business decisions based on the complete picture.
Big data analytics is designed to find the ‘unknowns’ in your business. The old age systems could only really respond to questions they had been programmed to answer – the known unknown. With advanced analytics systems you can continue to drill down, ask more questions in real-time, and dig deeper into the data to get the insights you need. Please keep in mind that “All your data doesn’t really create any value until you put it into action”. Organizations need to learn that they can be successful if they’re able to look at the right data in combination with powerful analytics.
Always remember, Data + Powerful analytics = Better business results!