Extracting full value from big data is a paradox — both easy and hard
Everyone is waiting for the day when big data becomes akin to a factory churning out predictive models that reveal all types of hidden insights, savings, profits, and so on. But for a majority of organizations, the promise of big data is far from being fulfilled. The massive piles of data that organizations hold do not automatically translate into the intelligence that various departments need.
The predicted benefits of big data are often slow in coming because the multiple actors involved – data analysts, engineers, business users – tend to remain disconnected when it comes to performing analytics on this data. Quite often one team member who is well-versed with business data isn’t familiar with the latest statistical techniques and algorithms. Another person in the team may be skilled at data science but simply does not understand the business context and implications of the data. The challenge is to enable two such distinct people to join forces and seamlessly work together. They need to be able to share thoughts on datasets and data flow and deliver quick feedback. They should be able to communicate over data visually – by showing insights and dashboards, not just verbally or over email.
The secret to truly profiting from big data cannot be found in huge data warehouses, massive compute power, or advanced algorithms – it lies in effective and meaningful collaboration.
In his article, How to Drive Value From Big Data: Collaboration, Mukund Deshpande, Vice President, Analytics at Accelerite, discusses how the adage, “It takes a village to raise a child,” applies equally well when an organization collaborates to develop big data to its fullest potential. Read the complete article to understand the inherent challenges of big data and what is needed to enable and encourage collaboration.