Projects that involve big data are avenues to get meaningful information. This information must then help organizations, departments, and individuals to make apt decisions. It should enable more efficient running of businesses. It should not be a mere exploration of data or an experiment in visualization.
Where corporates feature, secure, timely, and accurate access to crucial information is critical to success. However, there is a torrent of unstructured data that cannot be utilized immediately in its raw form. Examples include faxes, notes, documents, emails and so on.
Contracts remain filed away and are rarely reviewed or checked until a certain controversy crops up. This is after expending long hours in negotiations and execution processes. It means corporations lose millions in dollars to the resultant visibility gap.
New technologies have emerged that analyze huge and unstructured data amounts. These technologies then convert it into structured data. This in turn results in realization of liabilities and identification of contract opportunities for corporations.
Companies have attained an ability to manage petabytes of the sophisticated data generated. This is through abstracting, analyzing, and storing it using new powerful tools. According to Pardha Sai,
several startups have come up in the market based on these three areas. They are investing millions to help solve big data problems.
Fascinating terms such as business intelligence, date visualization, and big data are beginning to feature regularly in daily business conversations. This is because these fall into a rapidly rising industry. This industry is based on analyzing information rapidly flowing into businesses from diverse sources. These include company website and social spaces visitor engagement, agreements and contracts, certificates and notices, emails, project documents and surveys among many others.
An appetite for business intelligence solutions for companies is also growing, according to Pooja Sharma.
Tools available have to go beyond standard spreadsheet based graphs and charts. Data must now see display in sophisticated and meaningful ways. These include infographics, spark lines, heat maps, geographic maps, and fever, pie and bar charts.
To obtain appropriate solutions, big data analytic tools must provide insight to allow better business decisions. Vendors must deliver tools that suit specific organizations, respective decision-making processes, and data.
Spreadsheet integration should enable users analyze further data generated by these tools. In addition, every decision maker and stakeholder must take part during design and deployment of the software tools. Low-level decision-making personnel involvement need not be a mere afterthought, according to this article.
Employees need to go through training in extraction of actionable and meaningful information from big data analyzed reports handed to them.