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Currency exchange calculator td Big Data, Big Data, Big Data….I come across these two words more than a million times a day.
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I recently read in a survey, that only 4% of companies acknowledged that they hardly made any profit out of their Big Data projects.
It takes time, requires a lot of skills, plenty of vendors and an astronomical amount of money.
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Start with small… tiny data…. and prove that it works.
It is a human characteristic to try to conquer the world as many of us aim for big things, big projects using big data.
But most of us are quick to overlook the small mistakes that we often make and that usually cost companies billions of dollars.
The devil is in the detail and in analyzing small data, we may be able to deal with smaller problem areas quicker, achieving immediate cost savings and efficiencies. Think of these as your low hanging fruit that are best tackled first before moving on to big data. By no means am I saying that the process will be easy or simple. There may be complex datasets, calculations or predictions involved.
When I audit company data, I usually identify millions of dollars in improvements within minutes. For instance, there was one company that had a notable gap in its credit card gateway. When I pointed this out to them, they said that although they’d been aware of it, the issue just never got fixed.
The data also showed a big drop after a specific date followed by a downtrend. Their response: one of our systems was down and we’re still working on fixing it.
So in this example, the company had lost around 3 million dollars from this issue alone:
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To get the most out of your data, it’s important to get rid of all the noise, beautiful charts, and colorful maps. Bring the data down to the Business Essence: Money.
I remember once working for a company that focused too much on the number of visits to its website. They’d hardly had any conversions, but proudly boasted 8000 visits per day.
You may argue that at the very least, this company created a great deal of awareness for its brand. Well, although that may be the case, the value derived from this brand awareness isn’t easily measurable.
What if we set up an event on their site that tracked request forms submitted and cross-checked that with the final number of offline orders the company received? Suddenly, we get data/results that are a lot more meaningful and that can be measured.
So, remember that the focus should no longer be on Vanity Metrics used simply to impress stakeholders with large numbers.
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This is really important. Usually, I attend meetings where people walk in with elaborate analysis reports saying things like: The data suggests we need to slash our staff numbers in half and invest 2 billion dollars in marketing.
Well, if you can afford to lay off half of your staff and still have 2 billion dollars in cash to spend on marketing, then you probably don’t need data scientists or analysts. Otherwise, you aren’t using the correct data.
In fact, many large companies launch enormous projects based on the wrong data and these rarely get completed.
Medium and small companies just can’t afford making such costly mistakes.
Focus on what you can realistically achieve while ensuring that it is measurable.
Say no to Big Data if you are not ready for Small Data
Do not use Data that is of little or no use to your organization.
Do not use Data that you cannot action.
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