In 2013, big data initiatives acquired a lot of attention, though not all of it was in a positive light. Many organizations that were unfamiliar with the landscape were misled by false perceptions about the business intelligence, data warehousing and general management strategies that are required to make the most of big data. If businesses want to succeed with these programs in 2014, decision-makers will need to be careful to avoid the myths that plagued companies last year.
A recent Information Management report highlighted some of these misconceptions, noting that one of the largest challenges derived from big data's name itself. Specifically, many executives thought that the more digital resources they gathered, the better chance they had at acquiring a competitive advantage and optimizing performance. While there is a scrap of truth in this logic, it is largely unfounded and therefore irrelevant.
In truth, not all data is the same, which means that the-more-the-merrier reasoning doesn't really apply. Information Management noted that companies need to prioritize quality, not quantity. This means that organizations need proactive and innovative business intelligence strategies to ensure they only analyze resources that will provide some sort of return in the long run.
Big data is not an enterprise issue
In addition to the thought that large volumes create greater results, decision-makers also tended to believe that big data was really only applicable in the enterprise, Information Management reported. This is far from the truth, as organizations of all sizes and industries have the potential to develop business intelligence endeavors that allow teams to gather, manage and analyze new types of information to optimize operations on multiple levels within their firms.
A separate CompTIA report highlighted how companies of all sizes can benefit from launching big data initiatives, though many teams will need to develop a better strategy in 2014. Specifically, the study found that 8 percent of executives said they require better real-time analytics to convert meaningless information into useful insight.
"Data has always been important in the business world, but the big data trend has elevated its importance, pushing companies to be smarter in how they manage and use data," said Tim Herbert, vice president of research and market intelligence at CompTIA.
By understanding what organizations did wrong in 2013, decision-makers can build better big data, business intelligence and analytic projects in 2014 to give their teams an edge in the years to come.
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