One of the main themes within the business analytics realm throughout the past several years has been the rapid increase in digital information around the globe and its impact on the average organization. Since about 2010, the volume of data stored, generated and analyzed has grown exponentially, ushering in the modern era of intelligence technologies and strategies while simultaneously challenging companies to become more efficient in their general information governance procedures.
Speed, efficiency, agility and accuracy have become four of the more common demands among analytics users today, and virtually none would be achievable without the help of more advanced solutions. This includes everything from the outset of a given project including data preparation to eventual completion when leaders will need to evaluate the successes and failures of the initiative in efforts to craft a better strategy the next time.
Scale is king
CIO Magazine recently reported that scale might be the most important and challenging aspect of modern analytics, affirming that the volume and diversity of information that needs to be processed are each intensifying as time goes on. For example, processing one terabyte of data in an analytics program will be far different from targeting several terabytes, and more companies are beginning to experience the complexities involved therein.
When scale is not properly handled, the source pointed out that transparency, control and visibility can all be threatened, thus hindering the overall success of analytics programs and even putting some companies at risk of breach and fraud. Despite the fact that global data volumes have indeed grown exponentially in the past few years, there are no signs that a proverbial plateau will be reached any time soon.
Rather, CIO Magazine argued that more progressive and powerful solutions that are capable of processing currently unfathomable volumes and diversities of digital information will need to be released to help companies deal with the scale at which data is expanding. According to the news provider, these services will also need to be able to do so in such a way that allows users to garner real-time intelligence, which is an even more difficult prospect.
"Data preparation needs to be a high priority."
Preparation comes first
Another symptom of rapid scale is the more complex and intense demands of data preparation, which needs to be a high priority for any business leveraging intelligence solutions today. When data is not properly prepared prior to being involved in an analytics program, the chances of that initiative achieving maximum functionality, performance and returns on investment will be inherently lower.
This ties back into one of the more common debates taking place regarding quality versus quantity of data. In short, the modern demands of analytics require a tight balance between quality and quantity, with high volumes of substantive and properly prepared information having the most value. Data preparation services that work alongside the scale of projects will likely see higher demand in the coming years, and any firm embarking on an intelligence initiative should work to proactively deploy these solutions ahead of the project's start.