Recent studies have shown that in the year 2012, there were nearly three trillion gigabytes of digital information was created. One gets the competitive advantage only when there is an analysis and application of the data management and its results to business problems.
But it is seen that less than one percent of that amount is really analyzed for its value. “Big Data” refers to all those databases that are simply too large to be processed by using the usual tools and techniques.
With the enthusiasm surrounding bid data, often companies forget that the data itself is only the raw material.
Big data is known to be, well, big. Before you start thinking about bringing partners, plan out what part of it you need to outsource.
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You need to plan in advance and make sure you document your requirements from the provider candidates. You need to explain you’re the goals you want to achieve and what results you expect to the decision-makers.
They need to know and trust the information that your partner will bring forth before they are prepared to act on it.
It is true that no service provider will know your business like you will. But, you should probably look for providers who have some form of expertise in your industry.
This domain knowledge will make sure that they interpret the results properly. Make sure you are prepared in spending a lot of time in cleansing your data as well as explaining data management relationships to the provider.
Make sure that your outsourced partner should be willing to provide some form of assistance with the effort that you put in data management.
Make sure you start with smaller projects and this will help you measuring the outcomes successfully.
It is important to set up the right metrics before you start the project. An important tip is that you should ensure that there is a solid legal agreement between your company and the service provider.
You would always want your data to be secure and you would want the vendor to follow all the local privacy regulations and the privacy laws exactly.
Getting the right service provider will ensure that you get game-changing insights as well as growth opportunities for your company.
The most important aspect data management is to find the right service provider and using their insights to create more value.