Big data analysis drives big ideas
Big data analysis in the cloud can help you make cost-effective decisions about your business. Using cloud services for data analysis also enables more efficiency, visibility, and insight into confusing or noisy data.
With big data comes great opportunities to move in new, more productive directions. However, large amounts of data can also bring the added responsibility of figuring out how to view and analyze it and be more decisive with what is at your fingertips. When data comes in at all sides, you need valuable insights produced in real time. This is the key to accelerating success in your business.
How to benefit from finding key data points amongst a huge amount of data
Looking at large data sets can feel like listening to the radio between stations. Too much static and no clear melody to follow. Identifying the types of data that are more useful to you can help your organization make faster data-driven decisions. It also helps you gain confidence that growth is happening in the right direction.
When multiple variables might be impacting one data point, it’s even more important to identify what’s at play. So that you can make more data-driven decisions in the future. Say you’re a retail store selling apparel. You realize after looking at recent numbers that your parkas always sell out in colder climates, but you tend to have to move them to the clearance rack in warmer climates.
That’s to be expected. Geography can play a role in what sells best where, and outside of weather, you may be able to uncover some interesting regional differences that influence your buying habits in future seasons.
However, what if you found that one store in a warmer climate consistently sold out of parkas, performing at the same level as some of your colder climate stores? This is a data point that doesn’t fit your previously perceived model. It turns out that the pilot ad campaign you ran in that area to sell more winter clothing in the name of being prepared paid off. You’re now going to roll that campaign out to other markets.
The example may seem silly, but it mirrors real-life scenarios resulting from data-driven insights. Businesses can uncover differences in geography, industry, client type, performance by sales reps, messaging, and more by identifying the data points that are most valuable to their business. In this case, looking at product type, geography, messaging used, and inventory sold painted a picture that may have otherwise gotten disregarded as an anomaly.
Identifying impactful data points for you and your business also means that you can drive a higher level of success for your organization. You are essentially connecting those metaphorical strings and investigating the patterns that appear to determine whether they are a fluke or deliver an important message. Big data analytics empower your business to make better decisions and untangle confusing results to solve complex challenges.
Also read: How to Address Hybrid Cloud Complexity
Interactive, real-time analytics in your cloud infrastructure
After identifying the key data points, you need to solve your business problems. You can investigate them with interactive, real-time analytics. Instead of looking at static numbers, you can observe dynamic key performance indicators (KPIs) and metrics in ways that unlock efficiency and process automation opportunities. Both can be further aided by artificial intelligence (AI) and machine learning.
For example, if you start down the road thinking that some data points will be related, a static report might show no relationship with no way to change the view. Working within dynamic views, you can see data points in various combinations, uncovering unknown relationships.
Your data volume and variety will likely just grow with time. Having a tool that can analyze your data sets can help connect your ideas to your outcomes.
How big data analysis can ignite innovation
We’ve provided a small example of how uncovering a new insight could shift how you do business. But if you had access to dynamic, interactive data analytics, what else would you be able to see?
We’re talking about moving from small takeaways to business-transforming, evolutionary insights. Innovation can come in many forms, like:
- finding more efficient routes for your fleet of drivers
- deciding on a more effective maintenance schedule for your equipment
- finding the most fruitful outreach and messaging tactics
- identifying a new geographic market that may have been otherwise overlooked
- or finding pieces of your process that could benefit from automation.
One thing’s for sure – your data isn’t doing you any favors just sitting there. Getting visibility on it means you can put it to good use in solving your complex business problems.
The best part is that by making data-driven decisions, you are armed with the knowledge gained from insights. This also enables you to be more confident that you are investing in a productive direction for your business.
Everyone develops hunches and can make decisions formed on instinct, which can build after many years of business experience. However, hunches may only get you so far. Big data analysis can help you verify or refute a hunch. It can also help you answer what effect one factor has on another.
You may have believed one thing and invested resources into it based on that belief. But data analytics does not care about gut feelings. They care about impact and results.
Lastly, analysis can also help you take control of the large volumes of data in your organization. By identifying key points, you can also sort and clean unnecessary data that take up storage space without offering valuable insight.
Also read: What’s The Secret to Accelerating Hybrid Cloud Adoption?
Get big data analytics expertise with a public cloud partner
For many businesses, analyzing data in the cloud sounds great. But you need experts to provide the skills necessary to gain the benefits. Don’t have a data analytics professional on your team? That’s no reason to put an analysis project on hold.
TierPoint’s certified cloud computing engineers can take you from feeling overwhelmed to making valuable observations. We do this by creating a successful data analytics program on cloud platforms and overcoming any skill shortages you may have. You need a solution that helps you achieve your goals for the best return on investment. We can help you get there. Learn more about our Data and Analytics Consulting Services.
