Five Keys to Succeeding With Big Data
1. Understand the possibilities. Combining hundreds of data elements and terabytes of data doesn’t automatically produce results. Business analysts and IT experts must understand how the data can be used and how it can be mapped effectively.
2. Tap into IT systems that manage data and provide deep analysis. There’s typically no single tool or approach that addresses an organization’s needs. Enterprises require a portfolio of products, tools and capabilities from different vendors, Tata consultant Kalyan Viswanathan says.
3. Build workflows and policies that facilitate the use of big data. An organization must define ownership and how different groups can access and use data. It must also develop ways to transform findings and results into actual programs and initiatives.
4. Focus on security and privacy concerns. Big data creates remarkable opportunities, but it also creates risks. As different groups within an organization use and analyze data, there’s an urgent need to ensure that the proper protections are in place.
5. Find the needed talent to put big data to work. McKinsey & Co. states that a talent shortage is looming in the data-analytics field that could reach 190,000 people by 2018. Organizations that get a head start in developing internal expertise are likely to realize a competitive advantage.