Nowadays, big data is considered to be a crucial element in creating a business’ competitive advantages regardless of industry. However, in the world of data, bigger is not necessarily better. A countless number of companies are facing a huge challenge: data overload. And according to http://www.forbes.com/sites/bernardmarr/2016/04/28/big-data-overload-most-companies-cant-deal-with-the-data-explosion/&refURL=&referrer=#631864463920" style=”color:blue;text-decoration:underline”>Forbes, experts are predicting a 4,300% increase in annual data production by 2020, meaning that companies which are already struggling to make sense of their data will be completely overwhelmed in the near future.
Studies have further found that while many companies may be data-rich, they are also insight-poor. They are only using a small fraction of the data they have obtained, with the majority not being used to provide meaningful insights. The inefficient use of resources in collecting, storing and processing data is confronting all types of companies and significantly diminishes the value that big data can provide.
For big data to be valuable, it has to be converted into ‘smart’ data. In order to turn big data into smart data, the key is to optimize the process of collecting, storing, analyzing and sharing data, with the aim of developing relevant and actionable information to solve a business’ specific needs and problems in a timely manner. For example, instead of just knowing the sales figures of different products, it is more important for an e-commerce merchant to identify the patterns of sales over time and the key drivers behind any variations.
A smart data system will be able to computationally collect, filter and deliver intelligent insights required for a business to meet its objectives, without overloading users with too much information. Therefore, when considering cloud and data service solutions, it is critical to not only look into the infrastructure, but also the professional consultation and smart data algorithms the solutions provide, which are far more important in determining positive outcomes for a business.
With almost every business having big data on their agenda, how smart that big data is will set a company apart and make it excel in the marketplace.