A recent survey by SAS, the provider of business analytics and business intelligence software, shows the number one reason organizations are not planning on implementing Big Data is their lack of understanding of how Big Data applies to their business. The solution is predictive analytics. Predictive analytics is the application of Big Data.
It is easy to marvel at the amount of data that is currently being collected and organized. The total data supply in 2012 was 2.8 zettabytes (ZB) or 2.8 trillion gigabytes (GB). However, the volume of data available isn’t nearly as important as applying data to improve and automate existing business processes. Here are the Do’s and Don’ts for successfully applying Big Data using Predictive Analytics:
1. Focus on the application not the technology. It is easy to focus on technology. After all, companies spend millions of dollars in marketing to get you excited about their technology. Often, they use this excitement to mask the specs and limitations of their technology and it can take a lot of hard work to break through the marketing hype. Unfortunately, the only way to realize a return on investment is by applying the technology to solve a problem. So, don’t focus on the technology but how it will help improve your business.