3 Proven Ways to Take Control of Your Business Data Growth – Streamline, Optimise, and Scale

Big data is big business, and many companies use it to achieve tremendous growth and competitive advantage. Businesses now have access to enormous data sets that come from many different sources. It is simply impossible to process and transform this amount of data into useful information with the standard tools currently available to many businesses. The challenge that companies face is how to use this information to their advantage. Let's explore briefly some of the solutions available to companies who want to harness the power of big data.

Why the Exponential Growth in Big Data?

The reason for exponential growth in big data is a function of technology growth to collect, store, and analyse it. The New York Stock Exchange generates around one terabyte of new trading data every day. Facebook generates over 500 terabytes of new data each day from its 2.85 billion active users. This data includes messages, photos, videos, and comments.

In addition, the Internet generates about 2.5 quintillion bytes of data every day. Big data analytics is expected to grow into a €91 billion industry by the end of 2023. Now, 97.2% of all organisations are investing in big data and AI to harness it, and with good reason. For example, it is estimated that Netflix saves €881 million a year on customer retention by using big data. Big data can help businesses give customers what they need, which means revenue growth and greater returns.

Challenges Organisations Face in Managing Big Data

Businesses of all types can use these external data sources to make business decisions, strategic planning, and improve customer service. The amount of information collected from customers that visit websites is mind-blowing. Old school customer relationship management meant convincing customers to give feedback and take satisfaction surveys, but this only captures a portion of your customer base. Now, it is possible to capture every customer who visits your website and know how they behave when they get there. This lets you fine-tune your product presentations and optimise your offerings to individual customer preferences, giving your users a personalised experience.

The challenge faced by businesses is how to collect, store, and organise all this data to allow them to see the big picture. There is a difference between just data and useful data.

3 Ways Your Organisation Can Manage Big Data

Several tools can help your organisation handle this growing amount of data so that you can use it to drive strategic decisions and make informed business decisions. Here are a few of the technologies organisations are utilising to drive growth using big data.

1. Cloud Computing

One of the most significant innovations to handle the massive scale of big data is using cloud computing as infrastructure. Cloud computing makes data management more scalable than older, stand-alone systems. The best thing about cloud computing entails generally a relatively low investment cost. There is little, if any, hardware to install, and the number of vendors in this area is growing rapidly.

Cloud providers offer infrastructure as a service (IaaS) to handle any maintenance and operational tasks. Many of them provide a pay-as-you-go model, or you can choose a package that includes all of the services that you need. Many times, the costs of these services are much less expensive than doing them in-house.

2. Business Intelligence

There is a difference between big data and business intelligence. Big data is just a general term for a big pile of data. On the other hand, business intelligence means collecting data from the big data pool to solve a specific problem or generate a scenario. Business intelligence gives meaning to big data. It translates it into a form that can be understood. For instance, it might be presented as infographics or ranking reports. This has developed into a specialised set of services involving data mining, which can extract and collate the data. This is necessary to overcome the challenge of making big data useful to organisations.

3. Data Modelling

Data modelling is another tool that businesses can use to make data-driven decisions in their organisation. Data modelling is used to create conceptual representations of different data sets and to understand the associations between them. It is used to enforce rules and regulations on the data. For instance, it might set rules for when a user attempts to log in to an account representing fraud or a potential security threat. It might be used to trigger an offer that is automatically sent to a customer who abandons their shopping cart. These are only a few examples of how data modelling can be used.

In closing, big data is the future of organisations, and knowing how to manage it, is the key to achieving and maintaining a competitive advantage.

About Imran

I am a Senior Consultant specialising in leading large-scale digital transformation programs across the Banking, Pharmaceutical, and Manufacturing industries. I drive IT strategy, infrastructure, applications, and data centre migrations for Fortune 500 companies. With a strong focus on regulated sectors, I manage multi-million euro budgets while leading global teams to ensure the successful delivery of strategic business transformations.

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You can reach me either through my LinkedIn profile or by email: [email protected]

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