When Big Data Gets Personal
How businesses are using data / information to make decisions and improve operations to better serve consumers.
A mind blowing fact shared during InfoTech WNY’s “Data Driven Business Transformation Round Table: There are very rich datasets available to the public for purchase, which can provide something like 650 attributes of consumer data per household.
InfoTech’s Roundtable event featured a panel of experts and the discussion was focused on the application of data to drive business decisions across the enterprise. Some other comments from the Roundtable caught our attention and are worth sharing.
When talking about Data we talk about the “three V’s” which are the following aspects:
- Volume (How much data is being collected?)
- Variety (What type of data are we collecting and does it change often?)
- Velocity (How quickly or what frequency are we collecting the data, what is the scan rate? Measured in Milliseconds or Hours?)
Some of these aspects may help you decide between using:
- an industrial strength Historian product or
- a Microsoft SQL or Access database or
- MySQL or No SQL or Mongo DB or Oracle
- Or a simple MS Excel spreadsheet
When considering a data analytics project you need:
- Data driven leadership and culture
- A business imperative; find a pain point or bottle neck that has to be resolved, put an ROI on it
- Pull in the Business People and/or the R&D Scientist to guide the effort, because if you just rely on IT you will get dashboards that report data but don’t turn it into INFORMATION.
It is important to make sure you are working with high quality data, as the anthem goes: “Garbage in, Garbage out.” Instilling a data driven culture can be expensive and you might be chasing a skillset that is hard to find. You may want to consider augmenting your team with an outside resource (like ASG and our partners).