If you're a business leader in today's market, there's no doubt your company manages Big Data. The real issue is whether you're using the data to leverage new customers and make improvements in your business. With so many data streams coming from social media and online sources, it's important to be involved and understand Big Data and how to use it to your company's advantage.
What is Big Data?
In order to use Big Data, you must understand it. Big Data is constantly being created. Every digital, online, and social media interaction produces it and then devices transmit the data. Extracting Big Data to make it usable and beneficial is the real challenge.
Lloyd Marino is an Enterprise and Big Data expert. After working with organizations like Expedia, Visa, and the U.S. government to create big data solutions, he's highly sought after for his talent. Lloyd has even been touted as a "tech whisperer" for being able to communicate complicated IT terminology to ordinary business leaders.
What Business Leaders Must Know
As a business leader, it's your responsibility to be on top of the data your company collects on all fronts and ensure it is being used to your advantage. Big Data is a disorganized, jumbled bunch of information that can fall to the wayside. By properly extracting Big Data, you can have a distinct advantage over your competition.
According to Marino, there are a few things every business leader should know. Don't let this massive opportunity slip through your fingers. By properly evaluating Big Data, you can determine the cause of failures, level of risk, and important customer habits. These things can put you on the forefront of your industry to succeed.
1. Know the Type of Data Your Company Collects
Data in its raw form must be processed and analyzed to reap the benefits. That's why understanding the raw data that is collected is the first step. Once you understand the type of Big Data being collected, you can better understand how to use it to your advantage.
2. How to Extract Big Data
Now that you've conquered understanding the Big Data collection process, how will your team make sense of all that data? Your IT department will be responsible for analyzing and organizing the data, but you should get to know them and understand their process. Take it one step at a time. Think about your client demographics and where your sales are coming from. Determine which data sets are most important to the success of your company. As a business leader, it's your job to guide the team in Big Data extraction methods. The way your team organizes this data will determine whether or not the information is valuable to your company.
3. How to Monetize on Big Data
If you understand how your IT team is extracting and organizing Big Data, you'll be in a much better position to monetize. Set-up weekly or biweekly meetings to go over the data collected and determine its best uses. Some data being analyzed may be duplicated or unnecessary and other information may be highly valuable in understanding patterns and opportunities.
It's important to realize that Big Data is a tool. It's only beneficial if it's being analyzed and used properly. Your results will depend on how well you implement the interpreted data into your day-to-day business operations. The data must be easy for employees to understand and integrate into company objectives. So get to know the Big Data that's coming in, take a look at the process and determine how to monetize. You'll be glad you did.