Despite the majority of businesses understanding of the importance of big data analytics, a recent survey found that most organizations have yet to successfully deploy big data analytics in a way that is meaningful to the business goals. According to Lava Storm’s second annual analytic report (May 2014), 75 percent of businesses have yet to reach big data production, even though 65 percent have invested in analytics services and technologies. Lava Storm explained that far too many companies are struggling with how to maximize value derived from big data, and properly incorporate the results into something substantial. It is the organizations’ responsibility to go to the next level by removing complexities from the analytics process to turn data insights into actionable business enhancements for long-term success. Results showed that the investment in analytics was growing rapidly. Specifically, 64.4 percent of those surveyed by Lava Storm said that their firm is investing more in analytics this year.
Eliminating Big Data Concerns
According to surveys, the number one big data concern is the shortage of expertise in the field to draw on. With a lack of big data skills, organizations are reluctant to take the plunge since a clear return on investment isn’t immediately available. This concern can be mitigated with the engagement of a firm (like Wability) that specializes in technology, analytics and big data usage. Another pressing concern when it comes to big data is privacy. Sensitive information should and must remain secure in the utilization of data analytics. There are several strategies that organizations can adopt in order to advance privacy while pursuing data analytics activities. One such strategy that we use is called data minimization, which eliminates privacy risk at the earliest stage of the information life cycle. Essentially, no personally identifiable information is collected until a specific reason is defined.
Big Data Techniques
Our Big Data techniques can help our clients to manage large volumes of data (terabytes to Exabyte to petabytes), different varieties of data (structured, semi-structured and unstructured), and perform complex analyses. The framework we utilize at Wability addresses all of the functional components of data provisioning, management and consumption. analytics, part of our service, can help you grow your business in entirely new ways. The ability to gain insights from your data is critical because it lets you make faster and smarter decisions as you tackle your most complex business issues.