Five Steps to Building Organization's Big Data Analytics Capabilities to Improve Business Performance
In this era of rapid-changing business environment, information is engine, and with big data, businesses can stand to become more powerful than ever before. However, being ‘big’ does not make data useful. What makes it beneficial is when it can be translated into insights which provide benefit for business.
Therefore, companies must be able to process vast amount of data to uncover hidden patterns or correlations, and generate valuable insights for their business. This ability is widely known as Big Data Analytics Capability. The big data and decision-making survey by The Economist in 2012 of companies’ executives from across the globe found that the major issue on making big data effective for business decision-making is not about volume, but the ability to analyze and take steps on the data in real time.