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Big Data: Comprehensive Data and Context Lead to Better Decisions
What makes Big Data hard? Businesses are increasingly finding that the challenge of Big Data is less on the collection of large data sets and more how to analyze and make sense of the data once it is available. A survey by analytics company Alteryx finds that while businesses increasingly want to apply Big Data to improve customer intelligence and engagement, they have a difficult time of holistically analyzing their own customer segment data alongside of third-party market data.
The report finds that better insight into the data is possible when information can be simultaneously assessed across many data sets — the more comprehensive the data, the better. 76 percent of the Alteryx survey agreed that the more data sources added to the analysis, the better the results of the analysis.
Big Data is also a tool that has value to many employees. 63 percent said that if Big Data tools could be made available to more employees within their companies that overall the decision making process would improve and decisions could be made more quickly.
Rick Schultz, senior vice president, marketing at Alteryx, said that “Companies are beginning to understand that Big Data isn’t just about high volume and velocity; it’s mostly about the ability to get at new sources of data that provide business value when analyzed in the context of all other relevant data. Big Data is extremely valuable to companies looking to solve their immediate decision-making challenges. Delivering the right data to the right decision maker in a way they can understand – no matter where that data lives or what form it takes – is crucial, and companies need to make this easier in order to get maximum value from Big Data.”
