Extracting the value of Big Data

Despite the large volumes of data, companies still struggle to access, manage and extract the information that their day-to-day processes generate. The growth of IT systems has provided these same companies, the ability to capture this potentially valuable data, within a number of applications, databases and organizations. Apart from a strong IT infrastructure, changes in the board and management, within a company also need to be carried out. This allows a number of departments to work in coordination and help ensure success of the utilization of the data at hand. Understanding what is required out of the data, is the first step to generate the best results from the company and customer data. The strategy is to understand how the information can enable an improvement in the business.

Although it is not essential that the business defines all of the end-results required, the more understanding there is of what is required, the more likely it is that the data, turns into the best useful information for the business. Although the identification of an appropriate strategy is essential, the set of critical data assets is to be kept as small as possible, to allow the information to spread towards a number of further data assets and not be influenced by a priori information. Once the ball starts rolling, further attributes can be unveiled by a good data strategy and thus, further information obtained incrementally over time. Such information is usually linked to long-term value to the business across multiple systems and processes. 

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