{"id":2524,"date":"2011-11-04T07:00:49","date_gmt":"2011-11-04T15:00:49","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=2524"},"modified":"2011-11-04T07:00:49","modified_gmt":"2011-11-04T15:00:49","slug":"data-management-think-better-data-before-big-data","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/data-management-think-better-data-before-big-data\/","title":{"rendered":"Data Management: Think &#039;Better Data&#039; before &#039;Big Data&#039;"},"content":{"rendered":"<div id=\"_mcePaste\">While all the hype may be around &#8216;Big Data&#8217; right now, a study on data quality from the <a title=\"University Texas at Austin study on data quality\" href=\"http:\/\/www.sybase.com\/detail?id=1082805\" target=\"_blank\">University of Texas at Austin<\/a> (sponsored by Sybase) suggests that &#8216;Better Data&#8217; might be a more relevant first goal for many companies, rather than setting their sights immediately on implementing \u00a0&#8216;Big Data&#8217;. \u00a0Better data could translate into more sales and higher productivity.<\/div>\n<div><\/div>\n<div>The study found that if the median Fortune 1000 company were able to increase the usability of its data by just 10%, company revenue would be expected to \u00a0increase by $2.01 billion with many new jobs being added. \u00a0The paper explains that data can be made more usable by improving at least three areas of data:<\/div>\n<div id=\"_mcePaste\">\n<ul>\n<li>Better presentation<\/li>\n<li>Easier processesing<\/li>\n<li>More consistency across parallel data sets<\/li>\n<\/ul>\n<\/div>\n<p>The report argues that just having data alone doesn&#8217;t guarantee competitive advantage. \u00a0<a title=\"Anitest Barua\" href=\"http:\/\/misbridge.mccombs.utexas.edu\/profiles\/faculty\/barua_anitesh.asp\" target=\"_blank\">Anitesh Barua<\/a>, IT researcher and professor at the University of Texas McCombs School of Business, \u00a0<a title=\"Anita Barua on data quality\" href=\"http:\/\/texasenterprise.org\/article\/smart-use-data-drives-dollars\" target=\"_blank\">said that<\/a> &#8220;For that you need other attributes like intelligence, usability, accessibility and mobility, and we now have the research results to convince CEOs and CFOs of that.&#8221; \u00a0The report estimates that the following benefits could be achieved by improving data quality:<\/p>\n<div id=\"_mcePaste\">\n<ul>\n<li>For every 10 percent incease in usability, sales per employee increases 14.4 percent, or on average, $55,900<\/li>\n<li>For every 10 percent increase in data quality and sales mobility, the Return on Equity increases by 16 percent<\/li>\n<li>For every 10 percent increase in business intelligence from better data, businesses increase their number of products and services by 1.51 percent<\/li>\n<li>Reducing the effort to improve data usabilty by 10 percent would result in a significant productivity increase<\/li>\n<\/ul>\n<\/div>\n<p>Barua commented on the results of the survey that &#8220;if I can show that information technology can directly drive profitability, who cares whether the IT budget is three percent of the revenues? We can actually spend more.&#8221;<\/p>\n<p><a title=\"ReadWriteWeb inforgraphic on data quality\" href=\"http:\/\/www.readwriteweb.com\/enterprise\/2011\/10\/infographic-10-better-data-usa.php\" target=\"_blank\">ReadWriteWeb.com developed an Infographic<\/a> based on the results of this study showing the impact that better data quality can have across different industry segements, like insurance, telecommunications, and publishing.<\/p>\n<div class=\"lightsocial_container\"><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/digg.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fdata-management-think-better-data-before-big-data%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/digg.png\" alt=\"Digg This\" title=\"Digg This\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" 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