Big data was a hot topic for businesses in 2012, and according to a recent Forbes article, it will be even hotter this year when consumers really start to see its impact in everything from retail to healthcare.
The already vast volumes of information that exist online continue to grow every day, presenting enormous opportunities for businesses. Collecting and analyzing these large data sets, aka big data, can help companies make better decisions, predict probable outcomes, cut costs, identify new business opportunities, close more deals and retain more clients.
But how can businesses access the immense amount of information that is available and harness it for effective business intelligence?
Businesses, especially smaller companies, encounter three main challenges when trying to tackle big data, according to a recent article in Inc. First, many don’t have access to big data. Second, they may not have the technology and relational databases needed to easily pull the data. Third, many businesses don’t have the expertise on staff to analyze the data (e.g. a data scientist and a team of analysts).
David Selinger, a founder, CEO and data scientist at RichRelevance who formerly managed data mining and site optimization at Amazon.com, offered some tips for handling big data in a recent article. He suggests that businesses find experts to help them manage and analyze data, take advantage of the cloud, protect privacy, and of course, execute, test and measure.
Do you have experts lined up to take advantage of your big data opportunities?