The “Big Data” craze is all about making use of gigantic volumes of data. Coming from sources such as social media, scanning devices, and sensors, decision makers are promised amazing insights by mining this data.
In a survey of 5,000 employees at 22 global companies, half of the respondents said information is in formats they cannot use. Other studies have estimated that up to 85% of information in an organization is unstructured.
“Stucturing” unstructured data is a monumental task. While new technologies are making progress in this area, most companies are better off increasing the access and availability of existing structured data. The technologies for doing this are more mature, increasing more affordable, and in most cases, more actionable. In addition, your employees may not be making the most of the information they already have.
Before setting off on the Big Data journey, check out your own back yard. There’s liable to be more there than you think.