Today, consumers are researching, comparing and buying online more than ever. Big Data and data analytics is here, has been around for some time and probably would be here for many years. Data could become one’s worst nightmare if it is just allowed to sit there, buried under boxes. On the other hand, it could be a best friend with the right analytics, fast and smart analytics for extracting valuable nuggets from the data an apply insight here, there and everywhere.
UNLOCKING THE FULL POTENTIAL OF DATA ANALYTICS
Successful organizations know how to unlock data’s full potential, transforming information into insight and insight into action and using it to competitive edge. Moreover, the organizations know how to democratize decision making as well as move it from the few elite to the empowered many, another major way of avoiding data hoarding.
DATA ANALYTICS, THE GOOD
Human judgment is the center of successful data analysis. This may appear at odds with the current frenzy in Big Data and the focus on data management and machine learning methodologies. However, while the tools offer great value, it’s necessary to keep in mind that they are just that, tools.
A company knows its goals, know the actions within the web space, which generate the most meaning to the business strategy. Consider the key performance metrics and create a holistic strategy around garnering data points. Keep the focus small, objective clear and construct an analytics implementation, which reflects the decisions. The strategy enables higher focus, maintaining accuracy within metrics. A marketing strategy is easier to develop. Strategy optimization is more precise with a major focus on conversions generation. The scope of data integrity maintenance is more impactful and less daunting when the ecosystem has 3-5 metrics in contrast to 10 or more.
Big data is good when trying to sell stuff. It helps build more sturdy models with more data, particularly when it has the characteristics, such as variety, volume, veracity and variability. Structure of unstructured, big data could provide greater clarity.
DATA ANALYTICS, THE BAD
More data does not always mean better information. Intelligence is a key component of national security and could be invaluable in wartime and peacetime. However, it’s just one security tool among many and there are considerable costs as well as limitations.
Tracking plenty of data across websites isn’t a bad thing. However, there’s a pitfall when a strategy morphs into tracking simply to track. This could cause a snowballing effect of bigger volume of data, less actionable understanding of the story the data points are telling and poorer integrity. More is not always better. An inferior strategy in analytics usually is a derivative of business goals that are not clear. As data accrues and more variables are tracked, their relevance gets diluted. It becomes easier focusing on the metrics that appear favorable even if they’re weak barometers of the business success. Keep it focused and keep data collection insightful.
DATA ANALYTICS, THE UGLY
The key to making clear decisions from digital data is context. Frequently, time is a major contextual factor. With accurate long-term data, an organization could see normalized trends that tell them they are doing better than last year and the reason why. However, when overbearing analytics strategies are implemented, often, there are inconsistencies, which corrode the benefitting factor of data collection in long term. Changes in website functionality, tracking tags dropping, altering data point focus and volatile marketing strategies all interrupt the ability of making recommendations from normalized sets of data. Most of the ugly scenarios could be avoided through keeping an eye on actions that matter and making certain of the accuracy over time.
Is it possible to keep sensitive data out of government hands and corporations? There is a reason for old-school devices, such as typewriters being used. The defense and emergencies ministries of Russia for document drafts, special reports and secret notes prepared for President Putin. The outdated technology has turned into an ultimate security system exactly because it is ‘off-line’ and has a unique advantage, which documents could be linked to a certain machine. Identifiable information or PII is at danger of exposure. There are indeed mechanisms and schemes for keeping data secure, but locks could be picked and accidents could occur. The more data, the more vulnerable to identity theft or even worse.
Nothing, not the cautious logic of mathematics, the statistical models and theories and not the awesome arithmetic power of modern computers, nothing could substitute for the flexibility of the informed human mind.
Truly, big data and analytics is a wonderful thing. However, there are always drawbacks to big data usage that could impact an organization, big or small.
UNLOCKING THE FULL POTENTIAL OF DATA ANALYTICS
Successful organizations know how to unlock data’s full potential, transforming information into insight and insight into action and using it to competitive edge. Moreover, the organizations know how to democratize decision making as well as move it from the few elite to the empowered many, another major way of avoiding data hoarding.
DATA ANALYTICS, THE GOOD
Human judgment is the center of successful data analysis. This may appear at odds with the current frenzy in Big Data and the focus on data management and machine learning methodologies. However, while the tools offer great value, it’s necessary to keep in mind that they are just that, tools.
A company knows its goals, know the actions within the web space, which generate the most meaning to the business strategy. Consider the key performance metrics and create a holistic strategy around garnering data points. Keep the focus small, objective clear and construct an analytics implementation, which reflects the decisions. The strategy enables higher focus, maintaining accuracy within metrics. A marketing strategy is easier to develop. Strategy optimization is more precise with a major focus on conversions generation. The scope of data integrity maintenance is more impactful and less daunting when the ecosystem has 3-5 metrics in contrast to 10 or more.
Big data is good when trying to sell stuff. It helps build more sturdy models with more data, particularly when it has the characteristics, such as variety, volume, veracity and variability. Structure of unstructured, big data could provide greater clarity.
DATA ANALYTICS, THE BAD
More data does not always mean better information. Intelligence is a key component of national security and could be invaluable in wartime and peacetime. However, it’s just one security tool among many and there are considerable costs as well as limitations.
Tracking plenty of data across websites isn’t a bad thing. However, there’s a pitfall when a strategy morphs into tracking simply to track. This could cause a snowballing effect of bigger volume of data, less actionable understanding of the story the data points are telling and poorer integrity. More is not always better. An inferior strategy in analytics usually is a derivative of business goals that are not clear. As data accrues and more variables are tracked, their relevance gets diluted. It becomes easier focusing on the metrics that appear favorable even if they’re weak barometers of the business success. Keep it focused and keep data collection insightful.
DATA ANALYTICS, THE UGLY
The key to making clear decisions from digital data is context. Frequently, time is a major contextual factor. With accurate long-term data, an organization could see normalized trends that tell them they are doing better than last year and the reason why. However, when overbearing analytics strategies are implemented, often, there are inconsistencies, which corrode the benefitting factor of data collection in long term. Changes in website functionality, tracking tags dropping, altering data point focus and volatile marketing strategies all interrupt the ability of making recommendations from normalized sets of data. Most of the ugly scenarios could be avoided through keeping an eye on actions that matter and making certain of the accuracy over time.
Is it possible to keep sensitive data out of government hands and corporations? There is a reason for old-school devices, such as typewriters being used. The defense and emergencies ministries of Russia for document drafts, special reports and secret notes prepared for President Putin. The outdated technology has turned into an ultimate security system exactly because it is ‘off-line’ and has a unique advantage, which documents could be linked to a certain machine. Identifiable information or PII is at danger of exposure. There are indeed mechanisms and schemes for keeping data secure, but locks could be picked and accidents could occur. The more data, the more vulnerable to identity theft or even worse.
Nothing, not the cautious logic of mathematics, the statistical models and theories and not the awesome arithmetic power of modern computers, nothing could substitute for the flexibility of the informed human mind.
Truly, big data and analytics is a wonderful thing. However, there are always drawbacks to big data usage that could impact an organization, big or small.
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