“Big data” has crossed the Hype phase and entered into the Hope phase. Today, both business decision makers and technology decision makers are aware of the basics of leveraging Big data. This is mostly true especially for the organizations that are already leveraging technology to run their core businesses. Nevertheless, the quality of your business actions determine if you are truly leveraging the power of big data.
Before we add “big” to the “data”, we need to understand about how “data” is relevant to your business. Let’s start with one simple question you need to ask about your organization:
Is your company relying on data to take business actions?
For most of the organizations in today’s world, the answer would be “Yes”. However, there is a whole spectrum of organizations, which fall into this category. On one end, there are companies which take business actions but are truly transactional in nature. On the other end, there are companies, which take data based business actions which can drastically change the way they do business.
Now, whether you add “big” to the word “data” or not, the quality of the business actions you are taking determines how effectively you are using data for your organization. With the advent of the Internet, social media, and sensors, there is a ton of data out there, which is probably relevant for your business. Your organization will probably miss the bus, if you are not opportunistic in evaluating the quality and maturity of your business actions.
Undoubtedly, big data demonstrates hope, but organizations need to evaluate the quality of data based business actions to unleash its full potential.