4 Key Points to Remember In Building a Big Data Strategy

Big data technology and trends are on a surge now. As per a market survey report by Statisca.com, the total volume of data presently being consumed worldwide is forecasted to increase dynamically to 79 zettabytes in 2021. There is a projection that Big Data will grow to over 180 zettabytes up to the year 2025. The report also stated that the base of data storage capacity installed would surge at a compound yearly growth rate of 19.2 percent from 2020 to 2025.

The need for a Big Data Strategy is vital today

When it comes to implementing any big data strategy, it refers to an all-inclusive plan that lays down a comprehensive road map for companies to use data-dependent capabilities. It highlights the steps these corporations should take to become "Data-Driven Enterprises." This plan even incorporates the guiding principles the companies need to follow to achieve a data-driven vision. Moreover, the plan directs the enterprises towards setting specific goals and pursues a data-driven scheme.

A viable big data strategy that companies adopt for their businesses should be:
Easy to follow in the course of conducting their business operations,
Relevant to the industrial sectors to which the companies operate their businesses,
Evolve over time according to changes in the companies’ market environment, and
An integral part of the companies’ overall IT policies and doctrine.

Companies should take into consideration the following four important points when devising a viable big data strategy for their businesses:

1. Determining business objectives

The executives of these corporations need to determine what business objectives they are trying to achieve while formulating the big data strategy. In doing so, they should keep in mind their enterprises’ organizational hierarchy, market environment, customer base, and supply chain. The strategy they come up with should not address critical problems affecting their business operations and key performance indicators. It should also align with the companies’ overall business vision and mission.

Specialists from credible names in database consulting, administration, and management, RemoteDBA.com, state a business should take the initiative to include all stakeholders in the team responsible for chalking out the bid data strategy. These include key managerial personnel, engineers, scientists, and departmental heads who use big data sources for conducting the companies' operations. From the initial stages, the executives should invite them to participate in formulating the strategy. Moreover, these experts should be given the opportunity and encouragement to provide their valuable inputs on the matter.

2. Pinpointing the data sources and processes

The experts responsible for devising big data strategies need to identify different types of data the enterprises depend on. This data can come in different formats, such as structured, semi-structured, or unstructured. Moreover, the companies in the course of conducting their business operations generally use a plethora of data sources. These can be in the form of spreadsheets, images, log files, text, databases, documents, and videos. When assessing the data, they should also examine companies’ existing business processes, data assets, technology, and policies.

After the experts identify the companies’ key data sources, they should conduct dummy tests to assess their big data strategy. This assessment should address all of these business objectives they outline in the first step and move forward.

For instance, one of the key goals of the big data strategy might be to improve’ the customers’ buying experience. Then, the analysis should cover all the relevant data assets, internal processes, and business models which influence these purchasers. It is also prudent on the part of the specialists to involve the employees in direct contact with them.

3. Determine use cases and prioritize them

When devising a viable big data strategy, the experts should determine the use cases which directly meet the companies’ business objectives. Use refers to situations where the enterprises' end-users rely on big data to complete specific tasks. It outlines how companies’ computer systems, databases, and servers respond using the data to execute the end-users requests. The specialists will use various big data analytical techniques to thoroughly examine the vast volumes of data the companies rely on. This is necessary to highlight probable correlations, previously unknown patterns and get other important insights.

The specialists then need to organize and prioritizes the use cases according to certain factors. These include the impact these use cases have on business operations, budgetary allocation, and utilization of resources. Initially, organizing, classifying, and prioritizing all the use cases can be a daunting task for the experts. These is because they need to include many departments with the companies’ organizational structure in the big data analytical procedure.However, they should remain calm and work as a team to focus on which use cases to include.

4. Developing the big data strategy

The team of experts can proceed to devise the big data strategy once they have a thorough understanding of:

· The companies’ overall business objectives,

· The data on which the enterprises rely to conduct business operations, and

· The relevant use cases.

The specialists need to remember the big data strategy they come up with is only a preliminary outline. They might need to modify and evolve the plan over time in accordance with changing market conditions. This ensures continues to meet the companies’ objectives under all circumstances. On many occasions, they might have to review their original draft strategy to make the necessary changes.

Therefore, when it comes to the Big Data strategy for their business, the key reasons why companies need to formulate a viable big data strategy for their businesses are as follows:

Gather an inventory of all relevant data sources,
Chalk out a road map for phasing out obsolete legacy systems,
Improve the efficiency of data processing to eliminate redundancies and inconsistencies,
Avoid incurring the additional cost of processing unnecessary data, and
Enable the top management to make correct decisions on data governance and management

Businesses should advise skilled database administrators and IT experts to get the best-customized strategy for their companies when it comes to optimizing Big Data for development and growth.