Big Data became the buzzword du jour to describe the vast collection of information that could be synthesized and used to help us make smarter decisions faster. But how do we profit from it? The steps to achieve Big Data benefits go far beyond just the initial data collection – that’s actually the easy part. There are plenty of solutions out there to simply collect it and spit it back out with even more data, or “analysis” attached. The real challenge comes in finding ways to refine that analysis, and use it to a company’s advantage and ultimately monetary gain. How do you separate out the noise and interpret the information in a meaningful way? The need to exercise judgment is critical.
In this slideshow by MetraTech‘s Chief Marketing Officer, Esmeralda Swartz, you’ll learn about the four A’s of Big Data, and how businesses can use them to ensure they’re truly making the most out of what all the data has to offer.
Click through for four steps that can help ensure your organization’s investment in Big Data technology pays off, as identified by Esmeralda Swartz, chief marketing officer at MetraTech.
Why what you think you know about Big Data is quickly becoming irrelevant.
As the term “Big Data” became omnipresent, we saw more and more corollary phrases pop up to support the idea. The four V’s – volume, variety, velocity and veracity – gained some traction early on, and on the surface that’s understandable. They do address some key components and pain points of the Big Data phenomenon. However, the time has come to take things another step forward to actually profit from what Big Data has to offer.
The four A’s are the next wave of understanding for Big Data comprehension.
It’s not enough anymore to just collect the data. It’s unquestionably difficult to sift through such extensive supplies, particularly when you factor the four V’s – volume, variety, velocity and veracity – into the equation. But what happens after you’ve collected the data? How does your company benefit from data’s existence? The four A’s provide the rubric for ensuring a business can maximize Big Data’s potential.
Acquire
Implement the necessary infrastructure to acquire the data your company needs. This means investing in the solutions that will seek out the valuable data, not just the data that’s readily available. Not all information is created equal, and it’s important to make sure your business isn’t wasting time with data that won’t have any positive impact.
Analyze
Once you’ve found a way to get the data you truly need, choose the technology solution that will analyze the information and extract the insights your company is looking for. This means being able to set the requisite parameters that will churn out the insights your company can incorporate into the business model.
Adjust
After obtaining those insights, a business then needs to adjust to reflect them. Don’t be afraid to change your business model as needed to reflect your Big Data findings – if you aren’t willing to adapt your business to what you discover, then why invest in the analysis in the first place? Ultimately, making money is a key goal of any business, so these adjustments will lead the way to those enhanced profits.
Act
Act on what the revised strategy supports, and continue to review and revise your model on a regular basis to ensure the company is always providing optimal service. This means constant reactions and adjustments, ongoing analysis and non-stop evaluations. But in the end, if it’s been managed properly, the investment is sure to pay off.
