Do You Really Need a Big Data Strategy?

Do You Really Need a Big Data Strategy?

Do You Really Need a Big Data Strategy?
Read this eGuide to discover the fundamental differences between iPaaS and dPaaS and how the innovative approach of dPaaS gets to the heart of today’s most pressing integration problems, brought to you in partnership with Liaison.

You need big data! Or do you? If you listen to the marketing of more than 400 companies offering big data solutions, they’ll tell you that you need it just to survive. Of course, they’ll be able to implement this for you at a fairly significant cost. It’s worth it if it saves your business right?

They hype is real. Many companies are implementing big data strategies and solutions because they have a fear of falling behind. This leads to other companies that may not otherwise even think about it, to give big data analytics a second look.

The question still remains; do you really need a big data solution? The answer is probably not. The overwhelming majority of businesses don’t require one. They can be better today by simply using the data they already have .

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Could you benefit from Big Data? Absolutely. There’s almost no company on the planet that wouldn’t be better off with Big Data. The real question is whether or not it’s worth the cost. In the overwhelming majority of implementations, the ROI on Big Data simply isn’t there. Yes, it can help, but at what cost?

Companies like Facebook and Google are obvious examples of companies that benefit from Big Data. Major retailers like Walmart and Target also employ big data to help them optimize their retail experience.

These companies have millions of points of data they need to bring together to help them make decisions. From transactions to tweet mentions, they bring it all together. This is what makes big data so expensive. To track, analyze and report so many touch points is not easy. You need a massive investment in IT infrastructure.

So how do you tell if you’re a big data company? The first thing to look at is the data you currently collect. If you mostly enter and analyze it by hand (transactions, store traffic, sales, etc.) you’re probably too small to worry about big data. It’s not that you couldn’t find value it in, it’s just likely that you won’t see a return on the massive investment of changing your current tech to implement the tools needed for big data.

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If you’re a company that sells products that connect to the internet (or The Internet of Things), you could be set up perfectly to use big data. In fact, your business likely requires big data to work effectively.

Just tracking and acquiring data isn’t the most expensive part. It’s analyzing and storing that data in a secure manner. Once you make the large investment of collecting data, there is an equally large investment need to store the data. There are all kinds rules and regulations you may have to follow in order to be compliant.

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