“Big Data” is a fashionable term. More than understanding this concept, which is nothing more than the large amount of unstructured data existing in companies, it is necessary to know how to extract value from the information that is generated daily in companies. Organizations are now aware of this need, but they are not always able to take advantage of the real value of the data. In today’s article, we’ll cover 4 essential tricks to extract value from Big Data!
When we sit down to analyze the data and make decisions, we tend to complicate and create models that are too complex and time-consuming. A simple model like a decision tree is enough to solve many problems. Managers should focus on reducing the time between the time the data is generated and creating the first simple predictive model. The faster this model is, the faster the company extracts value from the data and will have positive results.
Data scientists should be able to quickly define various forecasting problems. Companies should focus on simple predictive models and find possible solutions. In this way, they don’t spend as much time as they would if they created a model of a very sophisticated machine that consumes more resources and more expenses. Although the Big Data issue seems very complex, the trick is to simplify processes and invest more time in data extraction and analysis.
A process is something that the company does continuously. As it is something that is repeated over time, it is essential to create norms and routines to improve each process. Automating everything that is possible, eliminating what is unnecessary and standardizing what is repetitive are some of the possible ways to improve business processes, leaving companies more free to analyze data. However, it is critical that companies have the right tools to best cope with the vast amount of data they are creating every day. Datapeers, for example, is an innovative solution that helps companies meet legal requirements and improve the quality of development processes, ensuring data protection and confidentiality. The new EU data protection regulation reinforces the importance of information and the increasing need to protect it.
Analyzing data in real time is increasingly a necessity for businesses. A large number of managers base their decisions on multi-day reporting and end up having a reactive rather than proactive action. In the competitive world of business, it is very important that you know the state of the business at every moment, so that the right decisions are made for the business. Softwares like Multipeers allow you to monitor the business in real time, providing information always updated and in a graphically clean and interactive way.