What Does Your Company Need to Make Big Data Work?

By Fallon Consultants
On December 17th, 2014

Team discussing chartsMany businesses have heard the alluring call of big data. With its promises of revenue increases, in-depth customer insights, and highly accurate predictive capabilities, who wouldn’t want to take advantage of this incredible resource? But many companies still lack the proper knowledge and resources necessary to bridge the gap between big data’s potential and the ability to use it effectively.

What tools does your business need to get the most value out it its big data? Here are a few things to get you started:

  • Technology — Having access to the proper technology, especially for large-scale, real-time processing, is essential for getting relevant information from your big data analysis.
  • Big data objectives — Do you want to use data to get a “360 view” of your customers’ experience, improve services delivery to customers, or use predictive analytics to generate highly targeted offers? Knowing your purpose will help define the information you need to collect.
  • Big data experts — You’ll need to hire employees or consultants who are skilled in analytics and data science, to design and set up data collection systems and interpret collected data.
  • Data-empowered users — These are your employees in all areas of the business who help to ensure data’s accuracy and integrity, and who are comfortable using data tools to track their performance and make decisions.
  • Data governance policy — For risk management, you must establish a data governance policy and ensure employees adhere to it, so that your data is protected and remains uncompromised.

In theory, making use of big data sounds wonderful. But all the right pieces must be in place for big data to start producing actual benefits for your organization. If you’re sold on big data but need guidance or resources to make it work, consider giving Fallon Consultants a call at 845-624-3504 to discuss how we can help.

 

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