Enterprises across the globe are integrating big data solutions in hopes of applying analytics for better forecasting in business decision-making. However, in order to achieve a predictive model from big data analytics, experts are adamant that firms will need to adopt better overall data management strategies and technologies. By implementing the most advanced big data tools and the support of database administration services, firms can harness more control over information for deeper insight.
CIOL reported that one of Gartner's major predictions for 2013 is that big data will shift away from individual projects and toward a more broad application to the enterprise's "strategic information architecture." To achieve this approach, the news source stressed the importance of actionable analytics, which gives enterprises flexibility in executing decisions in real-time. According to CIOL, it has become common for companies to use business intelligence (BI) technologies for greater transparency and to capture historical trends. While BI continues to offer real-time visibility, big data demands the most advanced technologies for decision-making benefits.
The different uses for data
CIOL differentiated between the role of quantitative information, which focuses on business process performance, and qualitative information, which generates strategic performance indicators, in big data projects. With the use of robust BI dashboards, quantitative information can offer real-time visibility into operational inefficiencies. Qualitative information can be inferred based on a variety of factors that are connected to measurable key performance indicators (KPIs), which can fuel a new, leaner model for improved procedures.
In an interview with Smart Business, Satyendra Rana, vice president at HTC Global, explained that taking a strategic approach to big data can unlock invaluable observations.
"Companies need to innovate and can no longer do so with the old approach," Rana told the source. "The new triangle is people, process and data, with technology as a substratum enabling all of those ... Technology has made it cheaper to collect and store data, but businesses still have to take another step and leverage that data."
He explained that a major challenge to big data is that information needs to be understood within the context of external markets, customer and supplier information. He emphasized the importance of a data governance strategy to deal with internal and external sources of information and make better use of analytics.
Only by addressing big data as an enterprise-wide effort can the full possibilities of these initiatives be realized. With a combination of dba services and new analytic tools, enterprises have the potential to capitalize on the benefits of these solutions for innovation and a competitive edge.
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