Big data mistakes you are still making in 2021
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It’s fair to say you now know a lot more about big data than you did five years ago. When it first became available, it seemed as if only recognised brands and massive corporations would be able to use it to their advantage. Today, it’s apparent that the process of data analytics is a game-changer for small and medium-sized companies, too.
Hopefully, you have a strategy in place since understanding information will help you to compete against businesses with bigger resources. However, you shouldn’t take big data for granted as it’s easy to make silly mistakes that lead to wide-ranging consequences.
Here are four you might still be making and how to fix them.
Not centralising data
Centralising data is essential in some respects as you can’t expect employees to work remotely without a significant level of access. Unfortunately, some bosses can’t let go enough because they need to retain power. As a result, workers continue to make the same requests they did all those years ago, which isn’t a healthy sign. Software such as SAP offers multiple business functions with a single view, and SAP support is widely available, so there is no excuse. The more you open up to the right people, the higher the business’s output and productivity levels.
Ignoring data hygiene
If you’re not sure what data hygiene is, it’s the process of cleaning up your data stores. Without a significant level of central oversight, it’s tough to know what to collect and what to omit. Therefore, there is often a lot of overlapping. For example, a spreadsheet might contain dozens of rows with the same data. This is a waste of time and energy, which is ultimately a waste of money. With that in mind, you should appoint a dedicated employee, or a group of people, to clean the servers and train people about the best practices.
Letting it sit
As data has become an asset, businesses are treating it the way they would oil, gold, or Bitcoin. How? By collecting it and letting it sit untouched for long periods. After all, the value of precious metals, substances, and cryptocurrencies doesn’t drop. But, information isn’t like most assets. Therefore, the longer you leave it, the less powerful it becomes. You must extract insights and patterns from the info you’re collecting and implement the strategies in real-time for them to be effective. Otherwise, the juice won’t be worth the squeeze.
Allowing paralysis by analysis
The problem with using data is that you can get drawn into a narrow-minded way of thinking. If data holds all the answers, you should consult it before making a decision. That way, it will be informed. However, the more you wait for the bigger picture, the fewer opportunities you’ll be able to seize. The trick is to strike a balance between having as much info as you need to pull the trigger. Jeff Bezos famously says he makes 100% of his decisions with 70% of the data. Otherwise, Amazon would lose money before they figured out what the 30% meant.
The biggest mistake is thinking that you are a master. You should realise that you have a lot to learn, as when you do, you’ll make fewer errors.
