Utilizing Real Time Data for Business Intelligence
Big data is touching every industry in ways even the wisest business strategists couldn’t have anticipated 20 years ago. Business leaders are using real-time data (data warehousing) to make more timely decisions.
Real-time data can help businesses cut costs and improve outcomes for their customers, staff and shareholders. However, some businesses are utilizing data improperly. They need to understand the nuances of big data and execute it properly.
Here are some things every strategist needs to know to create the perfect data warehousing strategy for their company.
According to the Institute of Electrical and Electronics Engineers, the most powerful servers can extract and display real-time data in as little as 120 microseconds. However, the time delays for some servers can be much longer.
You need to be aware of the time delays with your servers. If the data isn’t accessed quickly enough, you may need to upgrade to a more powerful server or find a more efficient big data extraction tool.
Over the last few years, big data experts have emphasized the fact data storage capacities are growing exponentially. Companies like host.ag, truehoster.com and belcloud.net have emphasized their 99.9% uptime guarantee.
However, big data experts have finally recognized that there are other factors that need to be prioritized even more. The importance of data structuring is at the top of the list.
It is important to make sure your data is structured in a way that it can be easily accessed. Unfortunately, Alan McMahon, an Ireland-based marketing manager for Dell, points out that data structuring problems often stem from people setting up their own servers improperly.
“One was relying on external resources to cobble together a system as the company went along. Such systems could contain any number and types of servers, storage arrays and software. When combined, companies hoped such a collection would work as an effective data warehousing solution, although that has become less and less likely of being the case. Disparate units thrown together can create an increasingly complex system that is difficult to monitor, track or manage in an effective manner.
The do-it-yourself approach also runs into trouble for companies who have limited internal IT resources to dedicate to the creation and management of an effective warehousing system. IT resources may not be large enough or enjoy the availability to focus on implementing or managing a sprawling warehousing system.”
Companies need to collaborate with big data scientists that know how to structure data tables properly and use tools like Hadoop to extract it as necessary.
Margaret Rouse, a writer for TechTarget and writer for WhatIs, states that real-time data is very effective for brands that have their objectives clearly mapped out. Many of the brands affiliated with Reverse Mortgage Alert use real-time data to monitor customer credit information and other data needed for automated auctorial decision-making.
However, many brands haven’t outlined the purpose of collecting real-time data. They have developed expensive data collection and extraction infrastructures, which they ultimately fail to use to their benefit.
Keep in mind that real-time data is useless if you can’t find an application for it. Don’t begin setting up a data warehouse until you have a clear purpose in mind for it.
Real-time data may have a purpose today, but it’s role will be constantly evolving. Matt Gordon, CEO of Josco Energy, told Forbes that it’s especially important for technology leaders to think one step ahead.
“Leadership is about being ahead of the curve and looking forward. A good example of this is when Steve Jobs invented the iPods and iPhones. In 2017 the iPhone is still one of the most popular consumer products and a testament to the brilliance of Steve Jobs and Apple. I think as leaders if we use this type of forward thinking, it could contribute to our successes.”
The bottom line: don’t limit your strategy to the role big data can play right now. You want to consider the ways you can use it in the future. The data you collect for security purposes may serve an invaluable role in your marketing strategy down the road.