How Enterprises Can Incorporate Big Data And Analytics
2 likes438 views
The document outlines how enterprises can effectively incorporate big data and analytics to derive meaningful value from data. It emphasizes the importance of having a clear strategy, identifying key data streams, and ensuring proper data segmentation and analysis. Ultimately, the goal is to empower decision-makers to take actionable insights from data, with the potential for significant cost savings.
How Enterprises Can Incorporate Big Data And Analytics
- 1. How Enterprises Can Incorporate Big Data And Analytics BY PROMPTCLOUD
- 2. DATA IS GETTING BIGGER The proliferation of mobile computing and social media has led to enterprises having to deal with large amounts of data of varying types.
- 3. Digital data grew from 130 to 1227 exabytes between 2005 and 2010.
- 4. …And it is predicted to grow by at least 75xby 2020
- 5. BIG DATA = BIG OPPORTUNITIES Although many organizations have jumped onto the big data bandwagon, only a subset of it will succeed in deriving meaningful value out of it.
- 6. ARE YOU MAKING THE MOST OF IT? Organizations need the right tools, systematic processes and skilled people who can identify the underlying patterns that generate a return on data.
- 7. RETURN ON DATA The difference between winning and losing in a data-driven world will be the ability to reduce the ongoing costs of managing increasing volumes of data with the ability to extract value from it. VALUE OF DATA COST OF DATA =
- 8. STEPS TO INCORPORATING BIG DATA THE RIGHT WAY 1. Start with a strategy 2. Identify key data streams 3. Internal data segmentation 4. Gathering and analyzing the right data 5. Converting insights into actions 5 steps:
- 9. 1. START WITH A STRATEGY It’s crucial to set clear business objectives before committing to collect and analyze huge amounts of data.
- 10. 1. START WITH A STRATEGY The strategy put forward, should also be able to act as a framework outlining the organization’s growth plan.
- 11. This will smoothen the transition to being a data-driven business and drive growth in various internal departments within the organization.
- 12. 2. IDENTIFY KEY DATA STREAMS The inflow of data from multiple sources can be intimidating and it’s important to identify which data sources would bring the most benefits to your business.
- 13. 2. IDENTIFY KEY DATA STREAMS Recognizing and tracking the right data points can make a lot of difference when it comes to the decision-making process.
- 14. 2. IDENTIFY KEY DATA STREAMS Apart from internal data, it makes sense to acquire data from the web as it holds tremendous value to the new-age businesses.
- 15. This will enable the management to make data-driven decisions that can amplify the synergy of everyday operations.
- 16. 3. INTERNAL DATA SEGMENTATION The primary objective of internal data segmentation is to centralize the identification of internal blocks in organizational processes.
- 17. 3. INTERNAL DATA SEGMENTATION Segmenting the internal data with respect to your business objectives will also help keep the data storage cost down.
- 18. This will further make sure that you’re gaining the most useful and valuable insights.
- 19. 4. GATHERING AND ANALYZING THE RIGHT DATA Data analysis will require integrated systems that can take data from various sources and process them together.
- 20. 4. GATHERING AND ANALYZING THE RIGHT DATA It's important for the output to be visually compelling and easy to consume as it helps the management to detect more opportunities.
- 21. There are many SaaS applications that make data visualization and analysis significantly accessible to everyone in the organization, thus making way for a more agile organization.
- 22. 5. CONVERTING INSIGHTS INTO ACTIONS While there are a host of solutions that can process data from multiple sources and do complex visualizations to make it more digestible, the real value of big data lies in taking actions from it.
- 23. Empowering the team to make actions based on the insights would be the final step in incorporating big data in an organization.
- 24. Enterprises could realize $271 million average savings by making big data more accessible to the decision makers.
- 25. Got Questions? Connect with us at: sales@promptcloud.com www.promptcloud.com