Big data is all the buzz within companies this year. Leaders and marketers are clamoring after the analytics that can help them anticipate which products will be the next big hit, or where new store locations will be most successful. Many firms are turning to this development, which taps both structured and unstructured data to make correlations that provide decision-makers with key insight.
Data quality market growing quickly In fact, the market is growing at a rapid rate. Driven by an increasing demand for enterprise management information, companies that range from credit unions and insurance companies to retailers and healthcare facilities are investing in both professionals and tools that can help them glean valuable information from the data, according to a recently released TechNavio report.
"The Global
Data Quality market is witnessing a major increase in the number of acquisitions," an analyst from TechNavio's Enterprise Computing team said. "This trend is expected to continue in the next few years because of the presence of numerous smaller players that can be acquired by large players ... Since the market is technology-driven, large vendors are acquiring smaller vendors in order to expand their functional capabilities."
Companies are investing in big data strategies to achieve specific corporate goals. However, these analytics can also be used to streamline operational processes and make better-informed decisions that are fueled by data rather than intuition. To achieve these aims, businesses often invest in applications that also demand data quality tools to ensure the information they're using is accurate and up-to-date.
Some companies investing in people, tools that can tame big data If companies don't filter out expired or incorrect data, their big data strategies can become big problems. It may be best to approach these vast collections of information like an animal that needs to be harnessed and tamed, according to a piece from the Smart Data Collective. The article explains that similar to wild horses, if the data is treated poorly or mishandled during the implementation process, companies may find it's unruly and works against them.
On the other hand, there are businesses that are taking a much gentler approach to their data analytics, the source adds. Among the growing pool of analytics experts are a small group of professionals who call themselves "data whisperers" for their ability to tap into this data and turn it into extremely valuable insight.