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  • admin 9:51 am on February 24, 2015 Permalink
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    Selecting a Big Data Solution: 5 Questions to Ask 

    Selecting a big data solution five questions to askFor years now certain enterprises such as big-box retailers, online pioneers and consumer credit innovators have been successfully leveraging big data – to the point where these early adopter organizations can outperform competitors 2-1. They gain insights across their world – from their view of customers, to customer interactions and their perspective of the category.

    With such a disparity in performance between the big data literate and the big data phobic confirmed by the top consulting firms, how can there still be a lack of momentum in moving toward the big data light? Experts advise almost unanimously that big data must be the “next big move” among enterprises to stay competitive and have an edge in getting ahead.

    The big data terrain is still foreign and intimidating. Assembled here are 5 things to consider as you approach implementing a big data solution. They have been tailored to give you an eye for identifying the most competitive costs, shortest time to value and biggest results. Familiarize yourself with these concepts. Make them your questions to ask providers.

    1. How will this big data solution handle the rush of data today and tomorrow?

    Big data will race toward you with a staggering velocity, in great variety and with extreme volume. With regards to high velocity, ensure your ability to implement real-time processing or ad hoc queries. Handling high volume is a matter of the right hardware and infrastructure. Accommodating variety is more complicated and requires subject matter expertise. Consider both acquisition of big data and big data processes for getting the data into usable shape. Experts can leverage variety into a big success, but it can also be an opportunity for big failure.

    2. What is the total cost of the big data solution?

    Total costs include the initial implementation charges for hardware and software, and the cost for maintenance and support for the second year. Add in necessary labor costs…for data scientists, IT resources and analysts. Consider the necessary manpower to achieve the desired ROI for year one and two.

    3. Is the estimated time to value acceptable?

    Extracting rapid value from big data is not easy today. Businesses are challenged to find, hire and retain big data analytic professionals who can handle the implementation and management.

    Big Data solutions should be easy to implement and reduce time to value. The Teradata Aster Discovery Platform handlesmulti-structured data stores and offers 100+ pre-built analytics to quickly build big data apps. Included are visual functions for big data analytics & discovery.

    4. What direct and indirect benefits should you expect from a big data solution?

    Your organization should expect insights into increasing prospect conversions, reducing churn, upselling, improving customer experiences, marketing efficiency – all resulting in tangible benefits like increased revenue, efficiency or loyalty. Work with the big data solution provider to set realistic objectives like a lift in net profit margin for Year 1, Year 2, etc.

    Enterprises should also discuss and expect increases in IT and end user productivity. Organizations have documented (with independent research firms) that as many as 20% of employees (IT and business) have a direct benefit of increased productivity from insight that can be quickly generated an implemented.

    5. Are next generation short cuts or implementation aids available?

    In your initial review of big data solutions and providers, compare offerings to determine if options like pre-built functions or applications or industry knowledgeable professional services are readily available and affordable. Search for means of significantly reducing the time to value, the ongoing labor costs and the magnitude of your return on investment.

    Considering these factors will help ensure the fast and enduring success of your big data initiative so you can quickly take control of your organization’s competitiveness – in the era offering the biggest competitive growth opportunity in the last decade.

    Get more insights into big data solutions.

    The post Selecting a Big Data Solution: 5 Questions to Ask appeared first on Data Points.

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