Big data is not a luxury, it is a necessity. Technological advances of course have played a major role in collection and generation of more and more data. Data on its own is not valuable, what is valuable are the insights that can be drawn from this data after suitable analysis has been conducted. Below are 5 key points that organizations need to consider before investing in big data analytics.
· Clear objectives
Organizations looking to invest in big data and analytics need to be very clear on what business needs big data and analytics are going to solve. At the onset, organizations with no set objectives will suffer many losses due to the risky nature of such an undertaking.
· Change Management
One advantage that will accrue to an organization investing in big data analytics is predictive analytics. Understanding customers’ tastes and preferences, ability to predict demand more accurately is every business’ headache. Understanding customers’ tastes and preferences, will lead to production of goods and services that will meet the customers’ tastes and preferences. The results – increased revenue, reduced cost and impressive bottom-line for business.
· Human Capital
Data scientists and other professionals in the data field possess the necessary skills required to analyze big data sets. Organizations should therefore identify these professionals. Their remuneration should match industry standards and their value-add should not be underestimated.
· Investment Decision
Boardroom conversations will always involve the ROI question. Will our investment in big data result in a positive ROI. The answer is YES! I mean, the ability to predict demand more accurately, flexibility of price continuum. Our data strategy approach at Nakala Analytics will ensure that more time and money is not wasted in creating systems that will not result in a positive ROI.
· Privacy
One of the challenges in big data analytics is privacy. Most of the data is normally from the customer and therefore the organization needs to ensure that this information about the customer is not divulged. However there is the EU GDPR, the Data Protection Law in Kenya which carries a set of principles of ethics and clearly specifies the penalties associated with breach of the rules.
Nella Oluoch
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