6 Tips to Get Your Business Geared for Big Data
Last week we invited Kaiser Fung, author and VP of Business Intelligence & Analytics at Vimeo, to host our BrandSquare Live Session on Big Data.
According to Fung, the biggest challenge companies face is converting billions of data points into a handful of actionable insights that positively impact their bottom line. To help pave the way, Fung presented these six tips for businesses looking to enter the Big Data game:
1 Start small
Despite the fact that we’re talking about huge sets of complex data, Fung’s advice is to start small and define a few analytics that don’t require much time to run. Use that data to test a hypothesis and grow in scale when you see benefits.
To fully harness the power of Big Data, Fung says to invest in the right tools and the right people. One of the most important qualities he looks for in an analyst is “numbersense,” the intuition to sniff out data problems and efficiently obtain insight.
3 Think long term
The accumulation of data over time is very powerful and can be used to detect seasonal factors that shortsighted plans cannot. Thinking long term will allow businesses to perform a much richer data analysis.
4 Be results-driven
Companies today are often told to be data-driven. Instead, Fung’s advice is to be results-driven. Data analysis should always be tied to business results.
5 Always use clean data
Bad data is worse than no data at all! Businesses should work hard to ensure their data is accurate, consistent and captured with integrity.
6 Keep it simple
In an age of Big Data, don’t be distracted by the vast amount of information being collected on individuals. Always think twice before using that data to make generalizations about a larger population.