Big Data in Digital Transformation
Tips to Select Right Solution & Optimize Investments
As retailers brace for the next stage of evolution of the industry, they have realized how critical data is. In their bid to transform their operations and make better decisions, they are investing heavily in big data analytics solutions. However, these investments need to be made carefully.
Today, industries are faced with a unique paradox. On one hand, businesses have started capturing more data than ever before. This means there should be more insights that are generated. More data = more insights. But that is not the case. Most business struggle to get meaningful insights from the data that they have captured. So, what’s going wrong.
The problem lies with how your big data solutions handle data collected from multiple and disparate sources. Not all analytics solutions are designed to work with structured and unstructured data. Additionally, the data sources are dynamic and constantly evolving. This adds to the complexity of data analytics.
So, as a business leader when you decide to invest in data analytics, make sure you have the following check list covered.
Opt for Smart Analytics Solutions
When choosing a solution make sure it has the ability to work with constantly evolving data types and sources. While this solution should be able to accommodate data from different sources, if should also be able to meet the demands of different functions who are going to use the insights.
Most business leaders make the mistake of evaluating solutions only on their capability to process data. But the real value of analytics lies in the ability to generate meaningful insights that can be used by different stakeholders.
Opt for Comprehensive Analytics Solutions
Industry behemoths who do not operate in an integrated fashion end up having their own analytics at siloed level. These solutions are under utilized and may meet the needs of only a certain fraction of the enterprise.
This scenario is usually witnessed at organizations that do not have an enterprise level digital strategy. They end up making piecemeal investments in solutions that are used in siloed fashion.
We recommend you go for a comprehensive analytics solution that can offer holistic level insights. This solution should be your single source of truth and intelligence. Every single arm of your enterprise should be able to use this solution for meaningful business intelligence.
Work With Legacy Systems
It is not easy for any organization to get rid of their legacy systems. These systems often support the most critical processes that cannot be interfered with. Replacing these systems is not an option. Hence your analytics solution should be able to work with these systems.
Your analytics solution should be able to seek information and push insights to these legacy solutions to really impact business processes. If you get a solution that ignore legacy IT, then you are in big trouble since the business intelligence would be incomplete. The recommendations can also prove to be disastrous.
Simplify Data Analytics
One of the most common reasons why big data solutions fail is because the enterprise did not have experts to work with the solution. We believe in developing and implementing solutions that are not only simple but also simplify data analytics.
Your business intelligence solutions should enable you to develop your own reports and dashboards without needing expert intervention. These solutions should be intuitive and allow users to work their way through complex activities in an effortless manner.
Industry Specific Solution
When it comes to business, there is no one-size-fits-all. Since business intelligence solutions deal with data, they need to comply with industry regulations.
Each industry regulates data management and usage differently, especially when it pertains to customer data. There are strict rules in place that just cannot be broken. The cost of non-compliance with these is too high and can lead to catastrophic results.
Hence, look for solutions that comply with your industry’s data privacy regulations. Make sure these solutions handle your customer data in a secure and mandated manner.
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