4 Places Big Data Makes Sense – And Why It’s Worth Getting There
Short Takes...on Analytics
|Posted by Forrest Danson, Principal, Deloitte Consulting LLP|
Small data. Big data. Medium data – we’ve begun to talk about data like a combo meal from the fast-food drive through. Regardless of its multiple flavors and sizes, data is now front and center in organizations that are paying attention to the flow of minable information from inside and outside of the organization. The following are four areas big data and analytics are shaping how businesses operate.
- Exploit faint signals: Multiple and disparate data sources are teaming with faint but substantive signals that can be translated into business insight. Analytics can help organizations extract value from information they could not access previously.
- Imagery and video analytics: Unstructured data -- social media, photographs, videos, and the like – is valuable data, but it's also difficult to capture and translate into value. Analytics can help extract intelligence to provide deeper insights that can support workforce planning, risk and compliance, and security.
- Nurture experimentation: Analytics can help gather intelligence from the marketplace of human behavior and systems to determine correlation and causation. Armed with these insights, businesses can fine tune strategies and drive performance.
- Deliver real-time impact: Because of its velocity, big data can have an up-to-the-minute impact on organizations in terms of decision-making and direction. Analytics can help bring big data insights to the frontline workforce to create competitive differentiation.
Data comes in all sizes and from myriad sources. The challenge and opportunity for businesses is to identify what data is strategically important and how to interpret and convert it into the fuel that powers innovation.
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