Data is not just a tool, it is an asset to organisations. What makes data more powerful is the way a company makes use of the long stored inputs at its full potential. But many aren’t taking enough initiatives to reap the fruit out of it.
A report suggests that only 50% of an organisation’s structured data is used for making business decisions while less than 1% of the unstructured data is even utilized. It is now time to reorganise all the data issues and get more out of the valuable source. Strategically using data paves the way to improve the customer experience, become more agile at decision making, and predicts and acts upon future trends. Tech giants like Amazon, Facebook, Uber, etc are some of the strategic users of data profitably.
The solution for better data outcome can’t be similar to all because most companies are at different stages in their data journey. Big organisations are able to afford a data science team and connect all the networks through a sophisticated Internet of Things (IoT). But this is not the case with small companies that run on minimum revenue. Remarkable, data analytics doesn’t work luxuriously, it functions according to the smart work that people put in like asking valuable questions. Companies that use manual labour to do data inputs on an Excel spreadsheet could make more deliberate moves if they attain to use data properly.
Investing in data doesn’t need to be huge, but intellectual. Although organisations are investing millions on collecting and analyzing data with various data analytics tools, the real trouble is at using the data in an actionable and profitable way. A company can make use of the data by starting to interrogate the data they already have. However, it is up to the companies to frame the right questions to dip their toes into analytics.
A survey by Capgemini and EMC study has unravelled a set of facts about data and data decision making.
• The result suggests that 56% of the 1000 senior decision-makers in nine regions surveyed claims that their investment in big data will exceed the past investment in information management in the next three-years.
• Around 65% of them fear that their data investment will become irrelevant and uncompetitive if they do not leverage it.
• 45% of the people think that their current internal IT development cycles are not sufficient for new analytics and don’t fulfil their business requirements.
#big data #latest news #data analysis
