- October 24, 2014
- Posted by: admin
- Category: Blog
Everything is data now – what you eat, how you shop, what you like, how you talk, what you wear and how you move! Every digital activity in and outside of the workplace can be collected to be used by organizations as a unique opportunity and what turns out to be the Big Bang of Big Data.
Businesses now have access to a mammoth of data – and growing exponentially than ever before! This has made the business decisions harder than ever before too – to get the true insight from that giant of a data is tough to the T. This brings us to my point that Good Data is more important than the Big Data. Coming from verified, vetted and successfully running internal systems like the ECM platforms, data could be rendered useful for financial, operational and strategic goals.
Many organizations are simply busy collecting the wide variety of data and at a startling velocity, but are sadly short of the tools to use it at all! Big data should be seen beyond the data volume and velocity and although this is an echoing concern, not much action (of embracing the right tools and initiatives) is seen to converting ALL data into information and meaningful insights. This seems to be a common problem across industries but what’s the point in having all the data when you can’t use it?
According to Gartner, semi-structured or loosely-structured data represents more than 80% of the data within enterprises. As the businesses have gained access to so much data and they’ve effectively found innovative ways to collect and store the wide variety of data, but it’s time to figure out how to use it and for that we need to make the Big Data good enough!
Enterprises should take the time to look at their ECM capabilities and learn how to employ Analytics, Data Mining and Data Extractions to help them achieve their financial, operational and strategic goals. The authenticity or the Veracity of the Big Data is an important aspect and should go hand in hand with the other Vs (Volume, Variety and Velocity) of Big Data. Once they complete their ‘Vs’ of Big Data, they’ll find their data to be useful and insightful – data that is so good, they’ll want more!(Yes, it’s a vicious cycle!)