At Works, we are well-versed in the field of big data and have expertise in helping businesses capitalize on the potential benefits it can bring. We provide assistance in creating strategies and solutions that enable decisions to be supported by hard data. Additionally, we help companies to steer clear of the most frequent mistakes that are made when working with large datasets.
The Conviction that You Must Make Full Use of Available Information
Businesses accumulate large amounts of raw data on a daily basis. It can be difficult to determine which data is pertinent to them, given the sheer volume of information available. It is essential for organisations to sift through the data at their disposal and distinguish between the high-quality data which can assist them in making informed decisions, and the low-quality data which could have a detrimental effect on their operations.
Data must be cleansed and mined for actionable insights prior to utilisation by the business. Raw data is often of little use. It is important to remember that incorrect data can have an adverse impact on operations.
The Failure to Designate a Data Officer or a Group
Data science is recognised as a specialised field due to its complexity and the expertise required to be successful. For this reason, appointing a dedicated data officer or team is recommended over attempting to manage data analytics internally. To ensure the effective collection, cleaning, mining, modifying and utilisation of data, it is essential that the project is staffed with personnel with a background in data science and the relevant expertise.
In your firm, this person or group of people will be the go-to resource for big data, explaining how the company can use data to its advantage.
We Don’t Have a Reliable Data Management System in Place
It is essential that your company has a system in place for the effective collection, organisation and utilisation of data. To ensure this is achieved, it is recommended to assign a dedicated data team or officer to oversee the process. Working together, a systematic approach can be developed to ensure the data generated by your company is handled and utilised effectively.
Not Having Faith in the Cloud
Many organisations are aware of the advantages of digitising their data, yet still utilise outdated data-management systems. Fortunately, there are now more efficient and secure alternatives available.
Cloud solutions are the best way to store, manage and ensure accessibility of data. They are also more secure than local solutions and can be scaled up as your business grows.
Spending money on fancy, unnecessary equipment
Many businesses are eager to appear up-to-date and may invest significant amounts of money in technologies they may never use, such as big data technologies. For example, a company that produces limited data may be keen to purchase data warehouse technology despite having no use for it. However, it is important to remember that data warehouses are not always the answer and cannot be used to store any kind of data.
When assessing your company’s needs, consider what is most practical and cost-effective, rather than focusing on the most up-to-date, advanced technologies. It may be more beneficial to invest in less expensive, more generalised equipment.
Putting Safety Last
Every piece of technology has the potential to expose organisations to security flaws. Data breaches and other security risks must be closely monitored, given the integral role of big data and technology in today’s digital environment. To mitigate such risks, organisations should take appropriate steps such as regularly updating security protocols and investing in robust cybersecurity solutions.
- Restricting access to the information to only those who have a genuine need to obtain it
- Using a system with numerous authentication factors
- Making use of the aforementioned cloud-based storage methods
Business leaders should be aware that there is no guaranteed way to protect data from unauthorised access. Consequently, they should take the necessary steps to respond to and contain any security incidents that may occur.
Focusing on the Details Rather than the Big Picture
Big data is a concept that requires careful consideration. To ensure an optimal outcome, it is important to take a holistic approach to the big picture while also being mindful of the finer details. When making long-term plans and decisions, it is essential to be guided by factual evidence. This could include developing a corporate strategy and exploring avenues for business growth.
You may miss out on some great chances if you lose sight of the larger picture in favour of the details.
Not Using Your Head but Rather Popular Opinion
At present, there is much hype surrounding big data. Nevertheless, it is important to remember that the advice from the media may not always be the best approach for your business. Rather than trying to adjust your operations to meet the latest trends, consult with your data analytics team to determine what would be the most suitable solution for your organisation. While traditional methods should not be disregarded, it is equally important not to follow the current fad without due consideration.
You Aren’t Making Enough Use of the Information You Collect
It is important to make use of the information available to us, rather than allowing it to become outdated or unused. Decisions should be made on the basis of evidence, and should not simply be left in a database. Making the most of this data could lead to a significant change in how business is conducted, and help to move towards defined, measurable objectives.
Putting too much stock in data
It is important to be aware of the limitations of big data and when it should be used and when it should not be used. It is worth noting that data can demonstrate correlations, but not necessarily cause and effect. It may be wise to wait for more information before making a decision in certain cases.
Are you looking to expand your expertise in big data? Works can help you to enhance your decision-making through our data management technologies. Please contact us for further information.
