Big data refers to any kind of data source with high velocity, wide variety and in extreme large volumes. Big Data enables organizations to gather, store, manage, and manipulate vast amounts of data at the right speed and time to gain the right insights. Data sets such as customer transactions, social media interactions can outpace the existing data management tools but how do we make a balance of the data flare-up?
STEPS TO MAKE THE BEST OF BIG DATA
- Identify the Strategy:
Organizations can be successful if they develop a data-driven culture .Before making use of the big data, a first step is to develop a strategy or a model on what the organization is focusing upon .This helps in streamlining the data collection process towards the business objective.
- Data Collection:
The next step is to capture the required data to meet the objectives. This is the step where the masses are tracked on their past behaviour.
- Data Analysis:
The data obtained from the previous step is vast and unstructured and to bring it down to useful insights, the organization has to use various statistical tools and techniques. This would filter out the unnecessary details from the useful information.
- Report the Results:
The insights discovered have to be presented in a format that it is easy to identify the key variables at a single glance. Data Visualization techniques and dashboards have to be used such that the top management and the clients can easily understand what the insights are about and how it meets the business objectives.
- Implement the Changes:
The last step is to bring about a positive change in the organization by making it more data-driven. Insights are now driven to actions resulting in successful campaigns.
Big Data in itself will not bring success. Organizing the concept for business needs is the best way to make use of Big Data. The organization has to first answer why it is using big data, how big data is being used to meet strategic, tactical and operational objectives for business. Only if it identifies the purpose of using big data and then implements it, big data will be beneficial.