Written By: Tarlon Khoubyari
Is too much data a bad thing?
Data is being collected faster and faster every day. The Big Data Analytics Industry is a multi-billion dollar industry. The process of extracting data and understanding it has become a key player to develop effective strategies to take your business to the next level.
But when it comes to data, less can be more.
“There are 2.5 quintillion bytes of data created each day at our current pace”. You can find anything and everything by a few keystrokes. We’ve created almost 90% of the world’s data in the past two years alone. Data can be anything: photos, videos, personal information, foods we like, tweets we favorite, you name it. There are tons of personal data our devices are collecting. If you have a fancy smartwatch, that’s personal data you can tap into. We have seen the benefits of using data in social media to grow brands and companies but sometimes, the challenge is figuring out what to do with it all.
Now, what happens with all that data? I would say 85% of it doesn’t get used because most people don’t know how to use it. Big Data is a fancy word for any large amount of data that can be analyzed and used. The keyword in there is analyzed. Data analysis is taking large sets of information and finding the meaning behind it. It’s focusing on the “why” behind the data. You use data to answer the questions you have but there’s always more that can be discovered and understood. Sometimes the amount of information being captured can be overwhelming since there is so much of it. Not all of the data your organization collects is actionable but it can be.
Data is the secret sauce to owning a successful business.
With the amount of data being collected, leaders often struggle with using all of it in ways that can improve the strategy. Knowledge is power but only if you can take action on it.
If you find yourself stuck in this hole, take a step back and remember what your primary goals are. What is important to you? Why is it important? Who is the audience/target market? Why? Think strategically about what data you’re collecting to ensure you’re getting the most out of it.
Talk to your team about the effective ways you can use your data. If you can’t use it or protect it, it’s not valuable. If you’re still stuck, contact us and we can help you understand