Despite the increasing adoption of Big Data in business, it still feels like the FT’s words from 2014 continue to ring true: “’Big Data’ has arrived, but big insights have not”. Part of this is due to the manner in which businesses are implementing Big Data. Check out five tips from Westcoast Retail’s MD, Carl Oxley, below on how to best integrate Big Data into your company.
1. Adopt it gradually
‘’As we continue to improve our understanding of how to best implement Big Data, it’s essential businesses adopt a balanced approach. At Westcoast Retail, we combine it with the human experience gathered from our teams on the ground, a method we find particularly effective that allows us to use Big Data to help deliver a second to none service’’.
2. Update your data warehousing models
‘’Sticking with existing data warehouses is a problem experienced by many companies as they make the transition to using Big Data. Unable to properly process the amount of additional data, these systems will negatively impact upon the benefits of Big Data and the insights it can ultimately deliver’’.
3. Conduct a thorough exploratory data analysis (EDA)
‘’The whole point of adopting Big Data is to benefit from the information it provides, so it goes to waste when companies don’t delve into the data collected. Conducting a proper exploratory data analysis (EDA) is key to maximising Big Data and properly integrating it into your business’’.
4. Identify the Big Data opportunities
‘’Before adopting Big Data wholeheartedly it’s important to properly identify where it is going to benefit you most. To do this, highlight the specific areas and problems that are in need of more comprehensive data, and then work out how Big Data is going to be best applied to solve those issues’’.
5. Get the right personnel on board
‘’As a relatively new technology, Big Data still requires personnel with specialised skill sets to maximise its impact. To ensure you don’t fall into any of the traps mentioned above, getting the right know-how on board is key to ensuring Big Data works for you’’.