{"id":643019,"date":"2019-02-27T09:00:14","date_gmt":"2019-02-27T08:00:14","guid":{"rendered":"https:\/\/www.ie.edu\/insights\/?post_type=articles&p=643019"},"modified":"2019-02-27T10:24:58","modified_gmt":"2019-02-27T09:24:58","slug":"getting-the-most-out-of-big-data","status":"publish","type":"articles","link":"https:\/\/www.ie.edu\/insights\/articles\/getting-the-most-out-of-big-data\/","title":{"rendered":"Getting the Most Out of Big Data"},"featured_media":643018,"template":"","meta":{"_has_post_settings":[]},"schools":[29,30,33,34],"areas":[16,21,24,26],"subjects":[],"class_list":["post-643019","articles","type-articles","status-publish","has-post-thumbnail","hentry","schools-business-school","schools-executive-education","schools-human-sciences-and-technology","schools-law","areas-competitiveness-growth","areas-innovation","areas-strategy","areas-technology"],"custom-fields":{"wpcf-article-leadin":["In today\u2019s age of digital transformation, everyone is online all the time. Big data is therefore an essential element of any economic activity, but not all organizations know how to manage big data properly. With good advice and the right tools, you can harness the power of big data to the benefit of your business. Don\u2019t just store information and let it gather dust; you have to learn to utilize it shrewdly."],"wpcf-article-body":["Big data is a hot topic at the moment. The world has become highly technological<\/a> and a major digital transformation is affecting businesses and professionals alike. The amount of data being stored is rising steadily, with no end in sight. This information\u2014collected from multiple sources in an unstructured manner, in real time, and in vast quantities\u2014cannot be managed with traditional tools. Most organizations therefore manage data ineffectively, although the polar opposite is true of the major tech firms.\r\n\r\nNowadays, just about everything is collected, stored, and recorded online. The world is digital and this disruptive revolution was sparked by big data. To contextualize this new reality, consider everything that happens in just 60 seconds on the Internet: 38\u00a0million WhatsApp messages are sent, 3.7\u00a0million Google searches are made, and 4.3\u00a0million YouTube videos are viewed. These numbers reflect the vast amounts of data that are now available to be harnessed. More than 90% of big data has been generated in just the past two years.\r\n\r\nThe \u201cfive Vs\u201d are the key to understanding big data:\r\n
    \r\n \t
  1. Volume:<\/em><\/span> The amount of data produced today is mind-boggling.<\/li>\r\n \t
  2. Velocity:<\/em><\/span> Data is generated and transmitted in real time.<\/li>\r\n \t
  3. Variety:<\/em><\/span> Data can be structured, unstructured, or semi-structured and comes in various forms.<\/li>\r\n \t
  4. Veracity:<\/em><\/span> Data is collected from multiple sources and it can be difficult to determine how accurate they are, so when you work with big data you have to assume that not everything is perfect.<\/li>\r\n \t
  5. Value<\/em><\/span> (the most important feature): Data will do nothing for your business unless it is relevant.<\/li>\r\n<\/ol>\r\n
    A vast amount of data is currently available to be harnessed. More than 90% of big data has been generated in just the past two years.<\/blockquote>\r\nGenerating knowledge<\/strong>\r\n\r\nIt is essential to ensure that your data actually generates knowledge. Processing and contextualization are therefore crucial intermediate steps. All executives make critical decisions; the most effective decisions are based not on instinct but on facts and data. How have successful organizations put this principle into practice? Netflix, for example, has decided which new projects to invest in by analyzing the habits of its viewers. Starbucks, meanwhile, has selected locations for new establishments by studying the success rates of its existing stores.\r\n\r\nThe fact is, most companies don\u2019t know how to make appropriate use of big data. Nearly all companies face four problems that make it difficult for them to adapt to this new environment:\r\n
      \r\n \t
    1. Silos:<\/span> A company can become disconnected if its information is locked away in different departments.<\/li>\r\n \t
    2. Information analysis:<\/span> Companies need to learn to work with information throughout the company\u2014and not just with dry numbers and figures.<\/li>\r\n \t
    3. Finding talent<\/a>:<\/span> Workers qualified for these new roles are scarce.<\/li>\r\n \t
    4. Getting started with big data:<\/span> Some companies find it necessary to reorganize how they work.<\/li>\r\n<\/ol>\r\n
      To connect with the audience and make sure they don\u2019t get lost, it is vital to humanize the information and provide context.<\/blockquote>\r\nThe importance of data presentation<\/strong>\r\n\r\nIn order for data to be memorable, it must be presented correctly. Ninety percent of all information is transmitted visually. People remember nearly everything they see, but not everything they hear. Ask yourself the following question: How can I tell my story with big data? You first have to understand the problem and the available data. In many cases, visual resources are used but the problem is not identified. When using graphs, keep it simple and eliminate any superfluous information. It is also vital to humanize the information and present it in context so that the audience doesn\u2019t get lost. And don\u2019t forget to use color and movement when possible, which can make data less tedious.\r\n\r\nNot everyone has to be a specialist in big data, but everyone should at least know what it is. To delve into this world, you need to acknowledge that technology<\/a> is evolving quickly and be motivated to stay up to date. The tools are within reach for virtually everyone. We need to stop thinking of information as mere figures and instead recognize it as an element of value. For organizations, this is a chance to grow<\/a>. The biggest mistake would be to decide that this has nothing to do with your company and let this great opportunity slip away.\r\n\r\n \r\n\r\n\u00a9 IE Insights."],"wpcf-article-extract-enable":["1"],"wpcf-article-extract":["By Christina Stathopoulos<\/strong>.\u00a0In today\u2019s age of digital transformation, everyone is online all the time. Big data is therefore an essential element of any economic activity, but not all organizations know how to manage big data properly."],"wpcf-article-summary-enable":["1"],"wpcf-article-summary":["Big data is more than just a fashionable concept. In today\u2019s context of technological change, proper information processing is essential for any organization. Data should not be mere numbers, nor should it remain locked in silos where it cannot be crossed with other variables. The most profitable, cutting-edge businesses have great expertise in big data. The internal changes associated with this transformation require a well-defined strategy and a willingness to overhaul more conventional work models. In any case, the added value of big data far outweighs any possible fears. Don\u2019t just accumulate information; manage it rigorously and adapt your business model to today\u2019s increasingly challenging reality."]},"_links":{"self":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles\/643019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles"}],"about":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/types\/articles"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media\/643018"}],"wp:attachment":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media?parent=643019"}],"wp:term":[{"taxonomy":"schools","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/schools?post=643019"},{"taxonomy":"areas","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/areas?post=643019"},{"taxonomy":"subjects","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/subjects?post=643019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}