By Rachel Richter
Former VP, Customer Analytics & Insights
Dun & Bradstreet Inc
May 27, 2019
There are numerous assumptions made about business analytics by companies/organizations that don’t reflect reality. Among the most common: New platforms will integrate easily with existing systems, outputs will provide clear directives on what a business should do next, and people across the organization will embrace the use of data and analytics. Unfortunately, these misconceptions can lead to frustration and derail a project before it has a chance to succeed. Here are some common pitfalls of analytics initiatives, along with suggestions on how to avoid falling victim to these mistakes.
Big data is usually defined in terms of the “3Vs”: data that has large volume, velocity, and variety. Organizations dealing with big data are ones that generate – or consume – a constant stream of data from multiple sources that needs to be stored, processed, and managed on an ongoing basis. And as big data becomes an ever more essential part of the business toolbox, firms that aren’t comfortable employing it may be put at a disadvantage when it comes to understanding their customers, entering new markets, and troubleshooting their own internal processes. But even as more and more companies accept the need to tackle big data, many fail to realize the extensive training, organizational impacts, and legal implications that come with big data and analytics.
Here are six common challenges companies normally face for big data and analytics problems that businesses run into:
While implementing big data and analytics at your company can be a complex and intimidating task, it may pay off in many ways. However, there are things you can do to mitigate the risks that come with taking on this kind of initiative. If implemented properly, safeguarding measures can actually be fairly simple and low cost.
There are ways that businesses can avoid or overcome big data and analytics roadblocks:
Online tools can also help make sense of big data. Data must be consistent and easily integrated among tools in order to realize the most value. Relying on common identifiers, such as the Dun & Bradstreet D‑U‑N‑S® Number, to establish a Master Data framework can avoid entity confusion. Using data effectively can be a huge boon to any business, so make sure to look for the best solution for your company, if you face any of the above common challenges.