In the second half of 2016, big data will push further into the enterprise with even more use cases. The increasing volume and detail of information captured by companies, along with the rise of multimedia, social media and e-commerce / internet data capture are driving exponential growth in data for the foreseeable future.
Companies are collecting information, but aren’t always sure what to do with it. As a matter of fact, Forrester Research revealed that big data-capable businesses aren’t even harnessing the data and associated technology to its full extent. More specifically, most companies estimate they’re analyzing just 12 percent of the data they already have, leaving 88 percent of untapped potential sitting on the cutting board.
What’s worse, it can be challenging to determine what is or isn’t quality data. A separate Experian study found nearly one-third of businesses said poor data quality is leading to the loss of potential new customers. Not only are companies leaving money on the table, they may also be collecting the wrong information, leading to further challenges.
What companies are now realizing is they must shift from big data to small data by identifying relevant pieces within the data they have collected to enable personalized experiences for their customers. This demands more efficiency in collecting meaningful, useful quality data, including supplementing with the right third party data to complete the 360° view of the customer.
This comes in the midst of a skills gap in the data scientist market, meaning that companies need to look at how they can leverage their data without necessarily having the skills to do so in-house. The emergence of data visualization software has allowed conducting analysis on datasets to become easier. This software allows most companies to perform simple analysis to identify basic insights, but the more complex analysis needed, the more likely these needs remained unmet. This is likely to be a big growth area in 2016 for companies that offer to help companies enable 1:1 personalization through more in-depth analysis. Professional services and analytical companies provide this kind of advanced analytics and guidance businesses need today. If your company doesn’t have these skillsets in-house, start planning on how to get them or find a company who can provide them; it will be key to planning your data needs for 2017 and beyond.
So for the remainder of 2016, start an expedition; find the gems in your big data and start cultivating the data that truly matters to allow your company to provide personalized experiences for your customers. Your customers will appreciation this experience and reward you with their business and loyalty.