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Companies should implement big data strategies to address challenges as they accumulate data with multiple attributes, relationships and sources, Adnan Khaleel writes for YarcData.
Khaleel said Thursday the strategy should be based on the concept that big data is both the source and result of business decision-making as part of a cycle centered on data, analytics, information and strategy.
This is in light of the following challenges:
- Dimensional data - data with multiple attributes such as patient health records;
- Coupled data – causality and other links or interactions between data such as in financial portfolios; and
- Data from a variety of sources such as social media, suppliers and competitors.
According to Khaleel, companies should focus on continuous improvement by applying lessons learned to the strategy either as a whole or in part.
“Take common sense approach to implementing your strategy, formulate one and stick to it. It’s not going to be perfect right away so know that you’ll have to tweak it, add more data, revisit and repeat,” he said.
