Considered as one of the most important assets in the 21st century, it is impossible for businesses to overlook the unending cultural obsession with big data.
Over the past few years, big data has managed to come in the public eye as it intimidates the corporate world to a great extent. It basically offers businesses a platform to use large amounts of data to make more informed decisions for almost everything. I mean, big data is extensive and is everywhere. Right from profit organizations to NGOs, local government, state government, healthcare, banking, to retailers. Practically, everyone is trying to harness this technology for different reasons.
Often tech professionals use various uncompromising technology-oriented mediums to explain how big data can make a difference. But it is time to give this explanation an interesting twist, as there are several resemblances between parenting and big data that make the technology so reliable and relatable.
Introduction to the concept
Like mentioned previously, it is not surprising to learn that big data is gaining public attention. And now, people are also increasingly keen to figure out the relationship between big data and parenting. Well, in simple terms, just the way parents are always seeking the best for their children with respect to safety, health, and success; big data does the same for an enterprise.
On one hand, where big data keeps parents informed about the health of their babies in their infant days, their academic progress as kids, and their whereabouts as teenagers, big data allows marketers to use all this information in the growing stages of enterprises. Thus, it is crucial to understand the parallels between big data and parenting.
Now let’s explore the “Big Picture” of “Big data” based on business outcomes and set boundaries.
Focus on long-term results
Just like every parent motivates their kids toward a never give up approach. The same fundamental works with business. Therefore, it is never an option to bail out sooner, but try till you succeed.
So, from a business point of view, how do big data and analytics relate to long-term profits?
Well, that pretty much depends on the role you play.
If you are a CEO of a financial institution, your goal will be focused on cost-income ratios and ROI on assets employed. Whereas, a retail CEO is focused on sales numbers, margin density, and pricing. CEOs needs to make wise investment decisions, and data has been incessantly considered as the critical area of investment with immense potential to stand out and drive competitive advantage.
Therefore, the question is—where should you be investing in order to achieve the desired outcomes. Well, it is recommended to not simply invest in a data lake but invest in technologies that can discover, analyze, and monetize data for your business.
Set the right boundaries
Another important similarity between big data and parenting is the fundamental of governance. But it is important to understand that too much, or too little of it can have adverse effects. Therefore, zeroing down on a practical number is necessary. When we talk about data, too much governance can be a hindrance, whereas too little can be dangerous. So, it’s time to make good use of big data for reliable and robust solutions.
Navigating the Big Data success journey
Believe it or not, big data is amazing. It is a comprehensive technology that helps businesses accelerate the value of time, money, and people. It is a great tool when it is the question of bridging the gap between people, process, and technology.
Big data is vast. It can nurture the needs of your business in different phases. Therefore, it is necessary to explore, evaluate, and invest.