Big data has become a big focus for most companies that want to remain competitive in a market that depends on real-time information supported by evidence. These tactics are being adopted by firms across a number of industries, including insurance, retail, healthcare, finance and manufacturing.
When companies adopt these strategies, they can make more-informed decisions sooner, using insight that's verified for
data quality, according to
Smart Data Collective. This movement is so large that it's expected to disrupt the way companies do business, as it not only adds velocity, volume and variety, but also value.
Companies may find it's more feasible to participate in this data shift when they switch to cloud computing, as the definition of big data is that it's too large for just one department to handle, reports
Search Cloud Computing. This de-compartmentalization might also forge some previously unlikely alignments between chief financial officers (CFOs), chief information officers (CFOs) and chief marketing officers (CMOs) who are all looking to manipulate data to improve decision-making processes.
Ultimately, this transition will drive companies away from data mining, a practice that seeks to find golden nuggets of insight amid vast piles of useless content, and toward practices driven by data quality that produce superior results, the source adds.