Big Data is predicted to be one of 2016’s most disruptive technologies, introducing new opportunities for business decision-makers who can leverage it effectively. Although most business leaders are aware of its potential, many of them are puzzled by how to maximize its benefits both efficiently and effectively.
With the explosion of data and market research already at their fingertips, executives want to make sure they gather the right data, turn it into meaningful insights and ensure that those insights pay off from a bottom-line perspective.
The potential of Big Data is as limitless as the information that can be collected, stored and used, although many businesses are cautious—and even skeptical—about making large IT investments that would allow them to harness its power. Many wonder if making the investment in Big Data—not to mention the analytics of said data—can truly lead to insights that cannot be garnered in other, less costly ways.
A study by the Economist Intelligence Unit shows that big data is moving from its infancy to “data adolescence,” with companies increasingly meeting the challenges of a data-driven world. As a result, corporate conversations about big data has shifted from initial excitement to expecting long-term business impact.
Gartner found that investment in big data continued to increase in 2015 but not as rapidly as in previous years. “While the perennial challenge of understanding value remains, the practical challenges of skills, governance, funding and ROI come to the fore,” said Lisa Kart, research director at Gartner.
Despite these challenges, Big Data is much more than just hype. When used strategically, it bears meaningful, impactful and revenue-generating results.
“If you own or operate a business, and you have questions about how to improve that business,” author Bernard Marr wrote in Forbes, “you have data, your data is an asset, and it can be used to improve your business. Simple as that.”
While there is front-end investment to consider, taking the plunge into Big Data (and the market research that helps analyze it) can help companies arrive at smart and cost-effective decisions to important questions, including product pricing and the most effective marketing strategies.
The key challenge, however, according to a study by Teradata and Forbes Insight, is that it’s easier to say “Big Data” than do it. In addition, businesses often wonder whether the ROI of Big Data will have a significant impact on the bottom line.
ProKarma can guide you along your foray into Big Data by making sure your implementation is strategic and advantageous for your business. We offer a range of Big Data and business analytics solutions to help you truly understand your customers and meet their needs.
Visit https://www.prokarma.com/services/analytics/big-data to learn more about Big Data and how we can help you tailor it to your specific needs. You can also view our white paper on data mining, analysis and reporting by clicking here: https://www.prokarma.com/sites/default/files/WP_BI_DataMiningaAnlysReprtng_0313.pdf