Big data is a term used to describe information of an order of magnitude far greater than has been encountered before.
Typically, the big data come from social media such as:
And connected devices such as:
- closed circuit television
- audio and
- video recording equipment
- payment terminals
- mobile phones and sensors.
But why big data is important to your organization?
Six reasons why big data is important
- Improve operations.
- Data-driven innovation
- More insightful market intelligence
- Smarter recommendation and targeting
- Provide better customer service
- Agile supply chain management
Businesses that use it effectively hold a potential competitive advantage over those that don’t because they’re able to make faster and more informed business decisions and that, ultimately, increases revenue and profits. [ [according to recent TechTarget by 2022]
“What previously might have taken days or weeks can now be done in hours or even minutes,” says Mark Wilkinson, managing director of SAS UK and Ireland, a business analytics software company.
How to benefit from big data in your organization? three practices
It’s imperative to establish a data management strategy requiring at least the following three criteria to be met:
- Data is stored and made easily accessible to trusted data scientists
- It’s ready to use in an appropriate format
- It’s easy to discover both internally and by trusted third parties.
For these to be implemented, there needs to be more investment in technical infrastructure and data collection, as well as developments in data governance, including greater transparency and trust around what that data will be used for.
By Maen Altengi, edited by Mazeat Koreny
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References and copyrights:
- How to cite this article to your research: Human Centered-Data LLC. (2022). You also have Big Data Treasure in your Organization! Here’s How to Use it. Retrieved from www.HumanCentered-Data.com.
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