Big Data is here and everywhere and it is only getting bigger. This current wave has transformed the way organizations analyse endless streams of data by deploying data skills and technologies to help their business gain real value from every bit to get actionable insights.
It is a fact that Big Data has become a main concern for many organizations embedding it in their strategic plan, they are investing big to create business opportunities and predict the future in addition to connecting with customers and employees on a deeper more meaningful level. Indeed, data is the crux of all the knowledge possessed today and the more data we capture the more information we have to process. That being said, it is becoming a mandate for a business to lay out a clear Big Data strategy to harness the power of Big Data.
Here are the three core elements to consider when building a strong Big Data strategy:
Big Data Sources, Capabilities, and Infrastructure: One of the core elements of a Big Data strategy is to pinpoint the different data sources available both internally and externally to identify data that needs to be acquired. Transforming that data into meaningful information will often require a large investment in new data capabilities and well planned infrastructure to support the assembling and integration of data. Lacking the right tools and the right set of skills will inevitably atrophy the efforts put in squeezing value from data and the best practice here is to call out data scientists and skilled professionals armed with the right techniques and tools to ensure they will support your analytics needs.
Big Data Partnership: Have you considered partnership? Finding partners can be tough in today’s hypercompetitive market, however it will help your company combine myriad datasets expanding your data pool and hence extracting new information that will eventually unveil new opportunities and new markets.
Big Data Privacy: Big Data has raised privacy concerns and companies must take into consideration issues of data privacy and the risks associated with using sensitive customer data. Businesses are to be up front with their customers and employees about what data they are collecting and why they are using it. In addition, they should ponder on incorporating data privacy into their day-to-day work. All organizations must be wary as they adopt big data and they must effectively secure their big data systems.
Clearly, Big Data holds tremendous opportunities to outsmart competitors, and adopting the above elements will help you structure a successful Big Data road map to maintain a competitive edge in today’s data-driven world