THE CHALLENGE OF CONVERTING BIG DATA INTO SMART DATA
By Debora Slotnisky.
Big data no longer fascinates businesses, despite having fulfilled its promise to provide an immense customer data flow and their habits and preferences, based on the digital trail left in email, systems and commercial transactions, web searches, applications and social networks, etc. In today’s world, many businesses feel threatened by big data; companies feel overwhelmed by this seemingly unmanageable data flow, unable to take advantage of a tool first created to optimize business efficiency.
However, recent investigations state otherwise.
Nearly 50% of consulates in a recent McKinsey survey claim that analytics and big data fundamentally changed business practices in terms of sales and marketing functions. In addition, NewVantage Venture Partners’ most recent research indicates that 84% of companies launched advanced analysis and big data initiatives to provide greater accuracy and accelerate decision making. As a result, these projects have proven to deliver highest success rates (69%)
The truth is, developing a strategy and a specific big data service implementation is just the first stage to properly taking advantage of big data. Managing data – and transforming it into valuable information – is highly more significant than simply capturing it. Therefore, it is time to take a step further and turn big data into smart data; that is, to delve into the functional use of data, where one can truly optimize data efficiency and decision making.
Businesses no longer struggle to acquire information; the challenge lies in trying to refine and add value to the enormous, often-unstructured data flow. In order to achieve desired results and increase profitability, one must first decide upon a clear objective, therefore simplifying data selection.Then, one must structure and group information accordingly, analyze the massive amounts of data, and manage its quality. These steps are paramount when seeking to produce/ ensure a reliable and updated forecast.
Therefore, organizing and extracting useful information from large amounts of structured and unstructured data is no easy task. Transforming big data into smart data – that is, adding purpose and value to large sums of data – implies “combining, updating, refining and analyzing information from different sources to discover new facts, and obtain valuable information needed to support smart business decisions. ”
On the upside, turning big data into smart data also presents a set of advantages. Once data has been selected and arranged to meet a specific purpose, this data can be reliably applied to specific, real-life commercial and / or customer contexts, automating specific business transactions.
To achieve this you have to:
- Filter the information based on parameters linked to the business.
- Add analysis until being able to obtain the desired level of refinement.
- Distribute this information among the right people at the right time.
SMART DATA SERVICES
To ensure a smooth technological transition, it is possible to find a partner that offers integral business data management, data verification or data classification, data enrichment, data cleansing, crawling, grooming and data QA services. Ideally, both the business and the data service should be focused on a particular industry – whether for banking, e-commerce, health services, or a service focused on websites and applications, etc.
To sum up, smart data is refined information available to businesses for industrial applications, data-based marketing and/or process optimization. By obtaining smaller smart datasets, businesses can process and address business and customer challenges in both an efficient and effective way. In addition, business undergoing digital transformations can rely on big-data (and smart-data) specialized services, such as Arbusta, to ensure a smooth and proper transition.
Turning big data into smart data allows businesses to gather the key information and contextualized ideas needed to make smart business decisions. Data economy and hyper personalization are a must, especially when seeking business flourishment and competitive advantage.
Has your company transitioned to smart data yet? We encourage you to share your take on this experience!