There's no shortage of hype when it comes to big data analytics. These initiatives, depending upon the data they include and how it is applied, promise to support the best business decisions while improving efficiency and overall operating processes. However, in order to make these benefits tangible within the business, analysts and other employees must understand how to make the most of their informational assets and analytics results.
Let's take a look at a few of the best strategies that can help make this happen:
1) Begin with a question or problem in mind
Any project without the proper direction is bound to fail, and the same goes for big data initiatives. In order to support success here, project stakeholders should kick off their efforts with a specific business issue or question, and every activity that comes as part of the initiative should be directed by this main concept.
"Incomplete data leads to incomplete analytics results."
"Identify projects that are both promising and practical, and take time to understand the various types of problems big data analytics can solve for your organization," Database Trends and Applications contributor TJ Horan recommended.
This will help prevent time and resources from being wasted on unimportant pursuits not related to the challenge the company is seeking to address.
2) Ensure all available data is included
Another pitfall that impacts many enterprises occurs when there are gaps in the data included in analysis. Incomplete data leads to incomplete analytics results, and skewed results can have a considerably negative impact on all related processes.
Avoiding this can be as simple as utilizing a central repository for all company data. This database should be as secure as possible while still enabling accessibility, and can help ensure that big data initiatives provide the most complete picture possible.
"A central location for all of your data means you save time getting it all together," Small Business Trend contributor Pratik Dholakiya wrote. "When all of your sources are set to automatically aggregate to a central hub, you'll know exactly where to go to look for vital information about your key performance indicators, so you can more easily make data-driven decisions about your business to grow profits."
3) Leverage the right tools and expertise
Finally, it's imperative to have the right technological solutions and knowledgeable users in place. An expertly managed big data analytics solution can make all the difference for your business's efforts, helping to guarantee successful results that can be directly applied to the organization. When considering these systems, look for those that help aggregate both internal and third-party data sources. What's more, solutions that help create data visualizations are particularly beneficial.
Right now, there are more than a few analytics solutions available, depending on a company's unique needs. One of the most impactful is Teo Analytics, a powerful platform that helps enterprises extract and efficiency analyze key data sets to reveal results about the most important business metrics. To find out more, contact Teo Technologies today.