Big data is big news for big – and small – business. But we think most people are missing the big picture
What business really needs to know is that big data can equal big revenue and big profits, without big costs.
You think Tesco is a supermarket? It’s a data cruncher that sells baked beans. You think Amazon is the world’s largest online retailer? It’s a data cruncher that sells everything – including baked beans.
And unless your business can crunch the numbers like Amazon, Tesco and many others, it risks being crunched underfoot.
When data becomes information
Big data has the potential to tell you everything about every customer you have, every product you sell or service you offer. About every production process and every business transaction.
But the more data you have doesn’t mean the more you know.
Typically, you need data you can:
- Interrogate and
- Make sense of.
Otherwise, it’s just figures and facts, not information. That’s why the “data lake” can quickly become the “data swamp.”
Big Data – big returns
Data stored in silos is small-minded. Financial data for Finance alone, customer data for Sales/Marketing, production data for Operations. It all stops you benefiting from the bigger picture of the whole value chain that can help to drive efficiencies.
The same goes for managing your data on a platform that’s slow to deploy and hard to scale. It means you can’t benefit from the flexibility and agility of Big Data deployment: by being more reactive to customer demand or seasonal factors, for example.
Also, if you’re not able to understand, analyse and respond to what it tells you, Data is little use.
But what if you adopt a low-cost, agile, scalable platform? If you break down the walls between data silos? If you’re able to quickly identify connections and patterns, analyse in real-time and react and adapt to them just as quickly?
Then Big Data can enhance your business efficiency and productivity – and all while reducing costs.
Big Data has the potential to give you insights about your customer’s journeys which you may never have had at a fraction of the cost.
Open Source of problems
Big Data adoption of open source technologies has left many businesses with unsupported, incompatible and hard to maintain systems.
If that’s you, it doesn’t mean your platform has to be scrapped to start all over again.
It does mean you need expert, vendor-neutral advice to identify what you can preserve, what needs updating, and which vendor provides the most appropriate solution for your business to bring your systems back up-to-date and future proofed.
It also means you need a partner who will be around to support you in the long-term as well as to optimise your system in the short-term. In the Financial Services and Insurance sectors in particular – and with the coming of GDPR – you need a trusted, UK-based partner who can help you ensure you meet all current and future legislation. And still squeeze the greatest value out of your data.
The Agile approach
Agile Solutions focuses solely on data management and analytics, technology, processes and solutions. But we’re not only focused. We’re flexible too.
So it doesn’t matter if you are just setting out on your Big Data journey, have made a start that’s running out of steam, or have an architecture that’s reached delivery but isn’t delivering what you hoped it would.
Agile Solutions’ data focus and expertise, holistic view, and practical, vendor-neutral solutions will help you undertake and complete your data project. Whatever the scale, complexity or variety of your data sets, we’ll deliver data you can access, understand, trust, visualise and analyse.
Your business data is business capital. So it needs to be managed like any other capital. Get this right, and Big Data will release huge value for your business