More end-users are acquiring more devices. Industry analysts focused on tracking enterprise software application development and data management have predicted there will be somewhere between 26 and 30 billion devices by the year 2020. Although more device usage may mean more data passing through organizations, it does not necessarily mean there is more useful data that can be translated to a strong ROI. IT managers and CIOs must ask if Big Data can actually result in productive incremental value for their respective enterprises.
What to do about Big Data if youre confused
There are five steps to take when an opportunity tied to Big Data presents itself.
1. Identify the opportunity
Researchers from MIT and the University of Pennsylvania found data-driven firms performed 5-6 percent better which is a big deal if you consider its impact compounded annually. Companies have the opportunity to generate useful data regardless of size or even type of business.
2. Build Skills
Data science skills are becoming crucial to compete in todays marketplace and Big Data expertise, in particular, is a scarce resource. Its important for companies to recruit, train and integrate people with data skills, or they will find themselves at a significant disadvantage.
3. Collect Data
The third step is to make data a priority. Focus on the three Ps: proprietary, public and purchased data. The longer you work in any industry, the more you realize that information is power. You can find data retrieval opportunities both for a fee and for free at sites like Data.gov. Dont ignore the data opportunities all around you.
4. Unify Your Architecture
Use an API driven approach to integrate legacy systems before building a completely new architecture. Find ways to unite your enterprise on all fronts and efficiently handle Big Data.
5. Adopt a Big Data Mindset
Having the right mindset it just as crucial to Big Data success as access to the data itself. Managers will have to defy convention and adapt a new mindset as the traditional, step-by-step strategic planning approach will no longer do.
Responding to Big Data challenges for CIOs
Many CIOs fight the perception that Big Data is a passing fad. CIOs have to tread carefully when talking about Big Data efforts while some even try to avoid using the term altogether because of its negative connotation in their organization. However, the reality is CIOs are now dealing with large volumes of unstructured data whether they choose to acknowledge it or not.
To address Big Data challenges, CIOs need to add to their companys Big Data skill set by hiring data scientists, mathematicians and information architects.
The need to convince enterprises of the importance of Big Data governance is a struggle for executives but can be overcome with solid research. Although the transitions may seem slow, there are CIOs moving to hire new analytical staff and training existing staff, but the transitions come with their challenges.
Budgets have severely impacted the capabilities of organizations. Such budget challenges have led some CIOs to explore new approaches to data governance since its the most critical factor holding up agencies in their efforts to pursue Big Data.
Solutions to managing Big Data in your organization
The number of Big Data solutions available is increasing significantly. Hadoop services in the cloud are making Big Data more accessible to smaller organizations with limited budget and expertise. Newer technologies, such as Apache Spark, are also taking us closer to performing real-time analytics. Evaluate each technology available based on your business objectives, and create your own combination of tools to fit your needs.
Image: ReadWrite
