In today’s digital world, businesses are increasingly focused on a digital-first approach or implementing new initiatives to encourage digital transformation.
As a result, both organisations and individuals are forced to get to grips with certain changes. While consumers might be faced with adapting to a new app or a different way of consuming content across a variety of devices, organisations may have to review an entire business.
Analysing business systems and processes which have fulfilled objectives thus far is the first step towards re-imagining operations and focusing on the way in which digitisation could trigger enhanced productivity or improved services.
In the age of digital, many organisations find it difficult to cope with the increasing volume of information and data flowing across the business. It’s easy to leap to the conclusion that more data equals more value for companies, but this is far from the truth.
While big data can be a huge asset, it can also become a real burden when an organisation lacks the management and internal processes required to handle it successfully.
In these cases, it quickly overwhelms the business while offering limited value. Yet, once the right processes and infrastructure are implemented to manage the increasing growth in high-volume data, big data can become an organisation’s most valuable asset.
Across every vertical, organisations of every size are searching for methods to efficiently extract maximum value from both structured and unstructured big data in order to apply it to business decisions and drive organisational success.
Yet a recent study from Capgemini revealed the extent of this struggle, demonstrating that less than a third of big data projects are actually profitable.
Even in today’s digital age, limitations in traditional business intelligence (BI) tools make extracting value from big data a difficult task.
This is further compounded by a lack of data analytics resources in many organisations. Faced with these challenges, how can businesses evolve processes to turn big data from just visible to truly valuable?
In order to answer this question, businesses must consider the stages of handling high-volume, unstructured data growth:
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The sheer volume of information available today continues to grow exponentially.
Organisations are moving away from the days of siloed information where data was neatly stored in separate systems of record and an increasing amount of data is now collected by every single team, department and employee within a business.
