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Data exists everywhere and is generated from our day-to-day activities, from business transactions, to posts, to instant messaging e.t.c.
Heaps & Mountains of Data, so what?
Digitally oriented business firms understand that their continued existence and survivability rests on their ability to make sound, data-driven business decisions.
What happens when data grows exponentially like it’s wont to? For one, organizations literarily begin to crumble from the sheer size of their big data, the speed at which they are able to retrieve pertinent information slows down considerably, ‘dirty’ (incorrect and/duplicate) data results in costly mistakes and exposes to the organization to various types of risks.
Managing the chaos
Big data refers to large collections of tons and tons of structured and unstructured data. Most data-driven organizations adopt best practices like lean process design, digitization, intelligent process automation, and advanced analytics to make the most of the gold mine that is their big data.
Lean, Mean Process Design
Innovative companies keep an end-to-end customer journey in mind when designing their internal processes. They identify required processes and eliminate non-essential processes, plain and simple.
At the heart of digitization is the transformation of manual processes to digital applications. With digital transformation comes access to pertinent data in a timely fashion. The ability to derive actionable insight from accessible, rationalized data, enables digitally transformed organizations to analyze data in real-time and engage their customers in innovative ways. They are able to disrupt competition by anticipating the needs that their clients have not even begun to realize to express by using historical data to predict future trends.
Data Analysis: Mining the big data gold pile
When data exists, its analysis is inevitable! Analyzing mountains of data to glean useful (and actionable) insight is the bane big data analytics. The possibilities for innovation and growth are endless when it comes to leveraging data analytics to manage big data. According to The World Economic Forum, data is likened to a crude resource that can be processed and applied in multiple contexts.
Intelligent Process Automation
IPA extends the notion of lean process design by extending well-defined processes with cognitive or artificial intelligence. Essentially using data to teach your processes to make intelligent decisions and execute the next best action. Intelligent process automation is the cognitive side of big data.
APIs and Data
Application Programming Interfaces (APIs) play a crucial role in making valuable information derived from Big Data available across the enterprise in real-time. With the advances of the API economy, organizations are able to share valuable data across multiple divisions and platforms by exposing data via APIs.
Prepare to strike gold
The better prepared you are for your big data transformation journey, the sooner you begin to reap dividends. We have stories of CFOs who have literarily shouted “eureka!” when brought evidence of preventable financial losses to their attention from an initial analysis of their ERP (SAP, Oracle) data. Put a permanent smile of your CFO’s face today, let’s talk!