How companies respond to big data: focus on data value rather than size

The Forbes website has published Paul Magnol Paul Magnone's article about the impact of big data on businesses. Magnol that people should be able to figure out what kind of data the enterprise needs and how to use it well before making big data plans.

The following is the full text:

Big data is being talked about all over the place, but the debate about it has been there. Big data isn't about you, you're not the victim, on the contrary, it's an opportunity for you and your organization, and you need to be prepared for the real value of big data.

Over the past two weeks, I have attended the World Conference on Mobile Communications (MWC), the IBM Pulse Conference and the Epharma Summit, all of which have a similar problem: How do I deal with this data and where should I start?

Recalling MWC, from 2011 most basic analysis to 2012 most of the basic embedded analysis of products, to now we see the data and business process consistency (digital user experience Management, user behavior analysis, predictive analysis, marketing activities management, optimization of cross channel marketing, etc.), this is a continuous development process.

Your toolset is taking shape, but how should your business use these tools? Are you benefiting from the data? 39% of marketers say their data collection rates are too low, and 29% of marketing departments say they have virtually no customer or consumer data, according to the Brite-nyama marketing measure of the Columbia University Business School. To make things worse, IBM says 1 of every 3 business leaders do not believe the information they use to make decisions, and bad data consumes 20% to 35% of corporate revenue (about 600 billion dollars a year in the U.S.).

This is the famous ancient Goldilocks paradox (Paradox, where only the earth can sustain life, not too many) of the three neighboring planets:

Big data: Is it what I need? Do I need all the big data?

Small data: Is it more practical to use small data that I can handle and master?

Basic data: My business and the data I need to make decisions.

By defining large data as "data sets beyond the typical collection, storage, management, and analysis capabilities of database software", McKinsey should focus more on the business value of the results analysis than on the size of the data itself.

As for small data, Tim Powell said, "If we can manage and analyze the data, then it is not Powell to define them." Data collection and storage are no longer expensive, he says, and we have to consider human factors when making small data judgments.

Basic data is the essential and sometimes unexpected data that answers real-world questions, considering how to deal with a lot of data before a big data trip, and starting with questions can lead you to the right data pools that really affect your business.

Does the data you need bring profit or operating value, or is it what other businesses need? Can you collect it? Can you use it for your business? Can you find the right person to analyze the data? Do you have an organization that is willing to listen to these plans?

This approach can change everything, including relationships with customers, organizational design, and how to make a profit and continue to evolve.

What does your business really need when you develop long-term plans for big data? (MK)

(Responsible editor: The good of the Legacy)