“The key to Big Data is keeping it simple.”
Homayoun Hatami – Partner, McKinsey & Company
Quite a remarkably unassuming statement in regards to a topic that seems to ooze confusion and complexity. But does it really have to be that difficult?
Like the opening phrase implies, the potential of big data can be realized when specific, measured goals are in clear focus. In other words, big data is not a one size fits all solution that will miraculously reveal answers and streamline an industry. Rather, at our disposal is a tool that can help us make sense of large quantities of data that generally end up lost in translation. Two critical points here that are vital to emphasize are simplicity and specificity. Ask questions, find out what you would like answered, then gear your analytics implementation towards reaching a solution stemming from these questions.
Recent academic research has found that companies that have incorporated data and analytics into their operations show productivity rates 5 to 6 percent higher than those of their peers.
So, the general indicators are telling us that advanced analytics and big data are promising when incorporated prudently. It seems that many fears and reservations involving advanced analytics primarily stem from limited information on the topic. Asking questions, keeping it simple, preparing properly, and using tools specific to how it will benefit YOUR enterprise will likely not confuse the issue. In fact, it should provide a specific and applicable solution to your inquiries or problems. So the task doesn’t have to seem so daunting after all. Let’s not muddle the topic, big data and analytics are extremely intricate and complicated undertakings at the most technical level. However, when sagely employing analytics, they are as scalable as any database that they may deal with. The necessity lies in the importance and nature of the questions that YOU want answered. Unleashing the power of data and predictive tools are not simple, but they can be simplified.