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Tuesday, May 15, 2012

Effective big data strategies detailed

Businesses beginning a big data analytics program with advanced business intelligence software may be concerned about affordability. However, according to PC Advisor, there are easy steps that companies can take to make sure that their deployments are successful. These steps include deep research into the business case at hand and prudent financial planning.

Careful planning

"[Big data is] new technology solving a business problem that we often haven't proved. That's important for CIOs to keep in mind," financial consultant Jeff Muscarella told PC Advisor. "The business is going to be coming to them with all sorts of half-baked ideas for what they can do with Big Data. They have to ask: Will it really drive revenue? How and for how long?"
According to the source, carefully vetting business ideas for new big data projects is vitally important for CIOs trying to save money on their big data projects. Gathering details on each projected usage of data means less chance of failure. The source urged companies to target their big data projects, to fire "bullets" rather than "cannons" at specific problems that can provide value for the company. Muscarella told the source that companies can start small to prove that a process works before moving to the company-wide infrastructure level.

Myths vs. reality

As a widely hyped technology often presented as the future of business intelligence, advanced analytics and big data have received a large amount of press. To avoid business confusion, several publications have offered clarifications of what the technology can and cannot offer companies. The Economic Times stated that any business with a product to sell and any company hoping to help make up the potential market for big data. As companies begin to harness the power of big data, competitors could take of the systems in a bid to compete on an even level.
The source sought to puncture myths about what big data can and cannot do. It stated that big data's endgame is unknown, and that many of the features of big data analytics are still spoken of in the future tense. The source found that companies can already use the technology to provide "amazing" customer insights from vast quantities of "irrelevant stuff." While it is important to be careful when integrating big data, making the effort could become a required part of business strategy

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