Big Data, Internet of Things (IoT), and machine learning are all hot topics these days. Yet most of us become overwhelmed, don’t truly have a grasp of what it all means or how to use it. Big data is incredibly useful only when handled properly and can provide huge value for an organization long-term when structured in a way that makes it reusable.
There are a few key elements that are often overlooked when thinking in terms of big data. The first is a lack of discipline or approach when documenting the source of information. If data is not documented correctly, it isn't possible to understand the context of the data; without understanding its context, your data lacks relevance and a clear purpose. The second issue is the assumption that your data is clean and useful. Bad data can easily lead to poor decisions and misguidance. If using information that is not properly managed and of poor quality your results will be deceptive, leading to poor decision making.
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Start your big data project off right by instituting best practices for understanding, mangaing and controlling your data in a meaningful way. From there follow these 3 steps to institue and get the most out of your big data project.
Develop Infrastructure - Implement a thoughtful infrastructure for sharing, preserving, and analyzing data.
Integrate Data - Integration of internal and external data provides a wealth of information and key insights that could save time, save money, create efficiencies, and give you the information you need to make business decisions with confidence.
Analyze for Actionable Insights - Data is just lists, numbers, and words with little meaning until it is analyzed to uncover patterns and connections that create forward momentum.
Leverage big data the right way to drive informed decisions that propel your business ahead of the competition. Let us know how big data has helped your business succeed!
If you are interested in learning how Thought Layer applies big data to help clients make highly informed business decisions please contact us, visit our website at www.thoughtlayer.com or reach out to us on LinkedIn.
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