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Corporate Big Data strategy (PART 1 of 2)

Latest reply: Dec 29, 2021 04:47:32 952 66 52 0 0

To better comprehend your consumers, track inventories, enhance logistics and operational procedures, and make educated business decisions, smart firms employ large amounts of data of various forms. 


Profitable entrepreneurs also recognize the need of effectively handling the massive volumes of big data they generate and identifying dependable methods for extracting value from it. It's vital to have a big data strategy in place to properly and efficiently store, organize, analyze, and utilize all of that data.


A well-defined and extensive big data strategy outlines all the measures that must be taken to be far more data-driven and therefore become a successful company. This should include recommendations to aid in the realization of the data-driven agenda and to steer the firm toward specific business objectives. It's easier said than done, though.


Value of a Big Data approach in the workplace:


Organizational data is frequently housed in silos, either in data warehouses or in various departmental platforms with poor data integration, making it practically challenging for businesses to acquire a complete picture of their data. Furthermore, both the quality of huge data sets and the reliability of data sources can differ, and storage and data management costs might be significant.


So, as businesses race to monitor and cope with day-to-day operational processes, developing a big data strategy takes a back seat. Enterprises that do not have a strategic plan, on the other hand, will find themselves dealing with multiple big data activities occurring at the same time all across the corporation. 


This can lead to duplication of work or, worse, competitive initiatives that aren't in sync or don't clearly satisfy the organization's ultimate strategic goals.


A really well big data strategy lays forth a detailed plan for how data will be used to enhance and promote business processes. It must be effective, broadly adopted, and based on a company-wide understanding that data is an asset that positions the company for long-term success.

 

The following shows a step-by-step guide to developing a big data strategy.


Step I : Establish your business goals.


It goes without saying that the first step in creating a successful big data strategy is determining what business goals you want to achieve. Because no two businesses are alike, there is no another solution. Nevertheless, you must ensure that your strategies are in line with your company's overarching company goals while also tackling significant business issues and KPIs. 


Ensure that all stakeholders, including members of your data management staff, line-of-business leaders, data analysts, data scientists, and anybody else who will be using your big data repositories, are engaged from the beginning and offer valuable feedback on a regular basis.


Step II: Determine the data resources and techniques that will be used.


The following step entails recognizing the diverse range of your data as well as analyzing the organization's existing business operations, datasets, data assets, technology assets, competence, and regulations.


Data is available in various formats, including organized, unorganized, and semi-structured data. Spreadsheets, documents, databases, log files, video files, photos, and text are just a few examples of the sorts of data that can be found in an enterprise.


After you've discovered your data sources, evaluate your data approach. Ensure you address the company goals you set forth in step one before moving on. 


For instance, if one of your data strategy's company goals is to enhance customer satisfaction, your present state evaluation should include whatever business operations, business strategies, or data assets that touch customers, including data architecture. 


Interviewing and including all essential staff and stakeholders is a smart approach when reviewing your current situation.


To be continued... Corporate Big Data strategy (PART 2 of 2)

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Faridrami
Created Dec 7, 2021 17:17:43

good
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user_4358465
user_4358465 Created Jan 17, 2022 20:46:47 (0) (0)
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wissal
MVE Created Dec 7, 2021 17:24:36

Useful sharing
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user_4358465
user_4358465 Created Jan 17, 2022 20:46:54 (0) (0)
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Unicef
MVE Created Dec 8, 2021 02:11:48

THANKS
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user_4358465
user_4358465 Created Jan 17, 2022 20:47:00 (0) (0)
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Lucfabrice
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Interesting insights
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user_4358465
user_4358465 Created Jan 17, 2022 20:47:10 (0) (0)
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DragonVN
Created Dec 8, 2021 10:28:49

Good share
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user_4358465
user_4358465 Created Jan 17, 2022 20:47:15 (0) (0)
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amr_rashedy
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Useful sharing
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user_4358465 Created Jan 17, 2022 20:47:29 (0) (0)
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MahMush
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completely defined article...
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EL.BODO
EL.BODO Created Dec 10, 2021 19:13:52 (0) (0)
✌  
user_4358465
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lucian2003
Created Dec 9, 2021 23:38:31

Thanks share
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user_4358465
user_4358465 Created Jan 17, 2022 20:48:18 (0) (0)
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NTan33
Created Dec 10, 2021 02:15:35

Quite an important consideration in a certain context.
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