Understanding the Concept of Big Data Management
Big data management involves the proper and strategic organization of data derived from internal processes, as well as external processes and relationships with vendors and customers. These sets of data are often analyzed to support a company’s business intelligence efforts, although government agencies also require big data management to ensure the safety and welfare of citizens.
The concept of big data has evolved substantially in recent years as various industries deal with an overwhelming rise in technologies, data volume, and scalability. As a result, companies are facing a challenge in finding ways to interpret data accurately that can support their business growth in the mid- and long-term.
Making Business Decisions
According to a study by data verification vendor Experian Data Quality, the impact of unsound data management strategies are astounding. It discovered that only 44 percent of companies trust their own data in “making big business decisions,” leading to a 51-percent decline in overall customer satisfaction. On the other hand, 60 to 80 percent of companies with a successful data management initiative report increased revenues.
The task of managing big data depends on data scientists, database administrators, chief data or information officers, and business analysts. Organizations can also get tech companies such as Cloud Xtension to provide them with outsourced IT development for big data, should they lack resources to implement big data management themselves or hire an in-house specialist to do it for them. Hiring a third-party big data management provider is also critical for organizations that want an unbiased look at their data.
Reducing Data Footprint
Simplifying data sets and incorporating virtualization technology saves companies costs. The latter involves reducing data footprint and focuses on being able to store and pull up data easily by minimizing its footprint. The costs saved through this could otherwise be used for daily operations and to increase your IT staff’s productivity.
Big data management will continue to present new and welcome challenges to organizations in upcoming years. However, it will not be as daunting as it appears to be with the right strategies in place.