Many analysts are predicting that 2014 will be a breakout year for Big Data.
In the coming months, we can expect to see more companies investing in Big Data, more success stories from early adopters, more applications that leverage Big Data systems… and more consultants claiming that Big Data is the simple answer to all of your problems.
In other words, more of everything except the truth. And the truth is this: Big Data is not a silver-bullet solution where IT or marketing can flip a switch and expect results. It requires a clear strategy, buy-in across business lines and lots integration—data integration, application integration and business process integration—before you’ll realize any lasting benefit from Big Data.
The idea, of course, isn’t to be afraid of Big Data but to be ready for it. So in order to deflate some of the hype around Big Data and prepare you for success, here are five “fearless” truths about Big Data that you need to know.
Truth #1: When it comes to analytics, accuracy is more important speed.
We’ve all seen the claims of performance improvements that Big Data can bring—10X faster, 100X faster—but being fast isn’t as important as being right. If you don’t trust the accuracy of the answers you get, you won’t use them to inform your decisions or strategies, in real time or any time. A corollary of that is…
Truth #2: Bad data + Big Data = big, bad data.
Big Data systems have the unique ability to analyze many different kinds of semi-structured data, but that should not be seen as an invitation to create a data dump. Just like gasoline in a car, if you put good data into your analytics engine—clean data from trusted sources—you’ll get good answers.
Truth #3: Big Data systems will not “discover” their own value to the business.
One of the great things about data analytics is its ability to uncover new ideas and insights. Those ideas and insights, however, may not align with your current business goals and objectives, which in turn can limit their value to the business. Before you invest in Big Data, make sure the investment is aligned with particular business strategies such as marketing campaign management, revenue generation or customer loyalty.
Truth #4: Identify (and expect) short-term successes.
While Big Data systems are a long-term strategy, they can—and should—deliver results in the short term as well. An initial project successfully completed can demonstrate the value of the investment to the broader internal business constituency and generate interest in wider integration with other business applications to maximize that value.
Truth #5: Have a plan after “A-ha!”
Big Data will lead to more data discoveries, so what is your next step after that discovery? Are those insights readily available to decision makers when they need them? Can your network handle the extra requests? What about your IT support team? Businesses need to plan for success, which means looking at the big picture of before, during and after the big discovery.
Of course, choosing a knowledgeable partner who understands the challenges, risks and opportunities of Big Data is the best way to ensure success. Make the right decision this year and start with AdvizeX. We have the knowhow to help businesses get big results from Big Data, from our Big Data Advizer service to industry-leading solutions from SAP, HP and many others. ▪