How to get the Largest Return from your Big Data

 

Businessman drawing ROI (return on investment) with graphs

Who doesn’t want the largest return on their investment? The article written by Chris Twogood, How To Produce Ongoing Returns With Big Data,  compares current Data and Analytics systems to what he claims is actually needed in today’s businesses.

He writes, and we agree, that Data within companies only continues to grow in volume and variety. Data solutions are developed to handle one issue at a time, which causes data to remain separated and replicated over-and-over again. It’s a prime example of a short term or one-off solution, and it can’t be the best way, right?

Twogood explains, the solution is to implement a sustainable, central data and analytics model that can ensure calculation of vital analyses. Because action and decision begin with the same question…What does the data tell us?

In this article, what stood out to me and truly symbolized what PARIS Tech, the sponsor of OLAP.com, is all about: “To satisfy the individual requests of the organization, an analyst or end user should be able to access data at any time to apply the analytics  available.”

PARIS Tech makes it possible for organizations to share an analytical data model in real-time from different applications. Because, like Twogood says, users need to be able to access data at any time, and even real-time. With this concept front-and-center, organizations can see:

  • A reduction in time to meet new needs
  • Less complexity and cost of infrastructure
  • Higher productivity

Click here to read the full article.

11 of the Best Practices for Business Intelligence

Business Team Brainstorming Data Target Financial Concept

Dennis McCafferty of CIO Insight recently wrote an article that addresses 11 of the top practices of Business Intelligence. With Business Intelligence controlling such key factors in today’s companies such as, analytics, business performance management, text mining and predictive analytics, it is crucially important to understand it. Let’s take a look into CIO Insight’s 11 best practices and see if you are already taking advantage of these.

  1.  Bigger Isn’t Always Better: Just because a solution can gather a large amount of data doesn’t mean that they are helping you get the most out of the data. McCafferty thinks that trustworthiness and immediacy are the key elements.
  2. Deliverable Value Over TCO: When your BI solution can deliver specific ROI, you will gain higher buy-in no matter the initial total cost of ownership.
  3. Take Stock of Current Resources: Taking advantage and leveraging the IT that your company already owns to support your BI solution is a top practice. You can then utilize that spending on something else that will make a larger impact.
  4. File-Formatting Resources: Since Business Intelligence uses more than 300 file formats, it is important that you are prepared and ready to use any one of them.
  5. Create BI Policies for Deployment: It is important to have BI policies in place such as how the data is collected, processed and stored. This will ensure higher level of relevance and accessibility.
  6. Go Team, Involve Business Leaders From the Outset: You need to remain on the same page as all of the different leaders and work as a big team to keep IT on the right path.
  7. The Only Constant? Change: Every thing is constantly changing and evolving so this will continue to test your BI deployment at all times.
  8. Limit Initial User Participation: It is better to start out slow and steady when introducing initial users. If not, it can lead to confusion, errors and confusion which will impact BI’s final impact.
  9. Define the Project’s Scope: A BI implementation should be taken in stages and a company must know how many users and functions will be needed over time.
  10. Training Day: In order for your BI project to be a success, you must take the right approach to training employees and make sure that they are properly educated and feel comfortable using the new solution.
  11. Support Self Service: The goal of BI is to pass along the project to the appropriate department. In order to do this you must support the training plans and keep this practice as a priority at all times.

 

Click here to read the original article.

Healthcare and Big Data are Not Slowing Down

Doctor sitting at office desk and working on his laptop with medical equipment all around top view

The days of paper charting medical records are long gone. Michael Morrison gives a good look into why Big Data is vital to the Healthcare industry in his post, “Big Data Remains Hot in Health Care.”

Medical firms did not have much choice in adapting to these changes after the Health Information Technology for Economic and Clinical Health Act in the US in 2009 took effect, this was one of the largest efforts ever in improving patient care, ensuring proficient operations, and closing the gap of medical error. The result has been phenomenal and continues to progress.

With the ability of the medical industry to continuously run analytics, they gain critical information from high volumes of medical records and data. Morrison mentions that with advancements in patient data analytics, it is becoming the most important aspect of implementing medical analysis, which allows for patient care to be personalized. Many common road blocks that are normal in the course of  patient care and health management can be corrected with the use of Big Data tools.

The National Cancer Institute has created a Big Data project that has, through Big Data research, improved cancer treatments. They are now able to learn a lot about the patient’s responses to different medications and choose the best treatment course for a specific patient. The implementation of data solutions across the entire medical industry benefits everyone involved from the provider to the patient. The next time you make a visit to your local doctor’s office or hospital, take a look around and notice how much we rely on the ongoing advances of technology. Where would be now without all of it; how much safer has it made our treatment as well as our loved ones?

Click here to read entire article.

BIG Data Road Blocks to Tackle

Businessman jumping over hurdle

As I think most of us would agree, Big Data has made big leaps in providing the business world with a large advantage. Luc Burgelman does a great job of identifying the three hurdles that he believes are holding businesses back from reaping the most benefit from their Big Data, in his article.

The first hurdle Burgelman refers to is the ability to evolve. He brings up a great point, companies are looking for different things than they were just two years ago. They need to take technology further than before to accomplish what they need as a final result. Also, companies need to be able to engage different/more departments in the analytical process. It is no longer just about the IT team. Other departments have valuable assets to add to the equation of data anaylsis, and we have to be open to sharing the data across the departments and company, taking a more well-rounded approach to tackling large analytical processes. Which leads smoothly into Burgelman’s second point…

Not only is it important to be involving more of the company’s departments, but we need to make sure that the C-level Executives are equally “on-board.” Let’s face it, without their their final “blessing,” no data technology plan will hit the ground running and be successful. Executives need to be equally passionate about the technology and understand the great benefit and ROI of the analytics behind the data.

The third hurdle that Burgelman talks about is changing the mindset of not only the C-level executives but of all who work directly with the data such as the data users and data scientists. Big Data and the technology behind it is a game changer and offers greater benefits to customers, which returns in greater customer loyalty and greater sale margins. Companies need to be able to change and progress with the latest technologies and analysis software to be able to change the way people and businesses make their decisions and interact with their data. So what do you think, are these hurdles something that we can get over and allow businesses to run faster.

Want to read the full article? Click Here.

Human Resources, Making BIG Strides in Business Analytics

One thing is certain, if you want to run a successful business, you need to hire the right people to help you get there. Who is in charge of recruiting and hiring your team members? “DING, DING, DING!” you guessed it, Human Resources. Human Resources is beginning to pull ahead in the Business Analytics world. In a “Big Data” world, HR can use “People Data” to their advantage and help businesses develop strategy when it comes to hiring the best candidates. As David Klobucher writes in his article, “Data-driven confidence will help HR professionals identify behaviors and interview styles that attract better employees, as well as qualities that make effective workers – and lead to faster promotions.”

I agree with Klobucher, this is a great time to be in HR. There are big opportunities that may be presented to anyone working in HR. Executives within businesses are looking to their Human Resources department to help build the strategy to success. Of course this all depends on if HR professionals “welcome” the technology with warm arms. As stated in the article, many individuals working with Human Resources are not completely comfortable using data just yet. In today’s world, Big Data surrounds all of us, but for HR, this can lead to big success from analyzing data of past successes and past failures.

In some HR departments, to take on this scope of technology could be intimidating, however like one of my favorite sayings goes, “I never said it would be easy, I only said it would be worth it.”

Read original article here.

 

Big Data & Using The Right Analytics For The Business Problem

 Big Data

 

Do you agree with the phrase, “less is more?”

We hear that phrase a lot, but what does it actually mean in the Business Intelligence/Big Data world? In the article, Big Data Breakdown: Use the Right Analytics for the Business Problem, the author gives a great example of how that phrase, “less is more,” stands true.  Meta (great name!) S. Brown points out that in today’s business world, many are wrapped up in the thought of, “the more data the better.” But in actuality, to gain the most return on your investment, the key is to have just the “right” amount of data to solve your problem.  Interesting that Brown states that many businesses actually need only between 1%-10% of the amount of data they are currently collecting. Maybe this is something that businesses need to start taking a closer look at, namely, “can collecting too much data be doing more harm than good?”

Check out the original article here.