Building a Strategy For Big Data – Consider These 3 Key Components for Your Company

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Having good data is like collecting gold. Look at every industry today – finance, healthcare, agriculture, retail, agriculture, and others- they all rely on data for cost savings and improving revenue.

As data increases and gets bigger, organizations must rely on smart decision-making with an extensive big data strategy. This strategy is indispensable for the intensely competitive market today.

This is why you often will witness analytics and big data at the top of every company’s list today. The major functions of these organizations revolve around their data dashboards, visualizations, and KPIs.

This post will examine six key components organizations should embrace for creating their strategy for big data-

The large picture – big data is increasing

Before getting into the three key components for building a strategy for big data, you should understand the real scenario today. Individuals generate about 2.5 quintillion bytes of data daily, and about 90 percent of this data has been created in the past two years. This implies there is a lot of data.

Across the world, with more businesses setting up their eCommerce stores online, billions of transactions on the Internet are creating high-value data daily. There are no limits on this data too.

Modern businesses are now detecting the true potential of this data and its value to their organizations today.

While data can be transferred and stored as information in any computer, Big Data refers to the data made of large complex information sets. This data is so big that traditional processing platforms or software cannot manage them.

The latest technological advancements have permitted companies to harness the potency of these huge amounts of data to get solutions to problems that were unresolved in the past.

With such massive chunks of data, businesses can get meaningful insights on major success factors like addressing their predictive analytics based on the present datasets and lots more.

With the aid of a holistic strategy for big data, companies are able to get an actionable business roadmap for improved revenue, results, and better new streams for revenue.

Professionals from eminent names in data administration, consulting, and management, RemoteDBA(.)com, state the goal of every business today is to remain ahead in the market competition with their data.

Several organizations have started working on their data management strategies proactively rather than reactive to data issues. Most of the questions their customers ask them are related to being assisted with the information they already have.

In short, having a lot of data is like having many ingredients in your kitchen. This is an excellent start to make a delicious meal. However, to cook a meal that is worth remembering, you must have a good recipe and a talented chef to make the dish delicious.

Likewise, the following are three key components every business should keep in mind when they are formulating a strategy for big data-

1. Know your business goals –

You should know what the objective of your business is first. Determine whether it is improving the efficiency of the present system, improving revenue, giving you valuable insights for making informed business decisions, or boosting your marketing strategy?

When a company has business goals that are clearly defined, it makes it simple for them to plan and invest in the right resources. If the business goals are not clear, you will only be wasting resources, money, and time.

2. Create a qualified talent pool –

If you want to incorporate your strategy for big data successfully, you need to have a qualified and highly skilled team of professionals in place.

You would need a team of immensely talented statisticians who will give you valuable insights from the data you collect, business analysts to communicate these insights to you, and other professionals to effectively lead your team to make essential business decisions.

There should be a precise level of discussion and communication between the stakeholders and technical team of critical projects that will lead to the success of your business process.

In case there is miscommunication. This will cause a bad execution of plans, with both sides making poor assumptions. Once you have the right team of experts in place, the rest naturally follows.

3. The data storage should be standardized –

When dealing with projects revolving around big data, it is pretty standard for you to get this data generated from separate sources in varied formats- this makes it all the more challenging to derive one version of the truth.

This is where it becomes crucial for you to standardize these data formats and ensure the data stored in your business system conforms to the above standard. Consistent entry of data makes it simple to mine this data that leads to improved decision making.

At the same time, you should also focus on the data that has caused many experts in your company to rethink their respective job roles. For example, as a solution architect, software architect, or even a software engineer, how would you plan your roles around the above data.

This is no longer a direct RDBMS DB issue for data storage. Every piece of data is crucial as it will drive your business ahead. This is where proper planning as to how to use and store this data becomes vital.

Last but not least, keeping in mind the above three components for your big data strategy, you should be flexible and agile. Check to see if you are open to challenges or to changing courses when needed.

When you work with disruptive and new technologies revolving around big data, you are expected to face several hurdles. This may need changing technology or even increasing your budget to derive better insights from the data.

Again, there might be a shift in the objective of the project or business requirement. You must realign yourself and work towards making the project the best it can become now and in the long run with success.

By Pete Campbell
– is a social media manager who has worked as a database administrator in the IT industry at RemoteDBA. His research has helped thousands of users and brands with marketing campaigns too. He loves to travel, write and play baseball.

Member since August, 2021
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