07.25.2022 Executive Data Bytes – This data, or that data - How to choose?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are discussing how to identify the BEST Data initiatives. 

Focus piece: “Best Practices for Managing Big Data Analytics Initiatives”

Executive Summary

Many enterprises have mastered "small data," but big data is largely unstructured and random. Organizing big data is key to uncovering meaningful insights. This article from 3Pillar Global aims to teach you some best practices to get the most out of your data.

Key Takeaways

• Tableau reports that nearly 80% of employees are more likely to stay at a company that offers data-skilling programs. To help your team make sense of big data, implement these solutions.
• When it comes to managing big data, teams need to align on goals and practice collaboration and agile practices. However, culture is one of the hardest parts of a large-scale transformation.
• Data is severely underutilized in most businesses. To combat this, employers should provide employees with ongoing training and secure access to large, high-quality data sets to encourage experimentation and discovery among employees outside of the IT department.
• Big data continues to grow exponentially, and companies that harness its full power can increase their operating margins by up to 60%. Data strategies should be treated as living documents, and cultures should show continuous improvement.

Focus piece: “Eight Trends Predicted To Define Data Analytics In 2022”

Executive Summary

The data analytics market is booming, and the demand for data analytics professionals is also exploding. This Forbes article presents the top eight trends that will define the data analytics market in 2022 and beyond.

Key Takeaways

• Composable data analytics allows organizations to combine and consume analytics capabilities from various data sources across the enterprise for more effective and intelligent decision-making.
• Data fabric is a new way to think about leveraging disparate data for analytics and can make mission-critical data more discoverable, pervasive, and reusable across all environments of an organization, including hybrid and multi-cloud environments.
• AI-friendly data structures require special consideration from the database engine, and by 2025, 70% of enterprises will move from big data to small and wide data.
• The edge computing market is predicted to grow from $36.5 billion in 2021 to $87.3 billion in 2026. This move enables speed, agility, and greater flexibility, and supports real-time analytics and autonomous behavior for Internet of Things (IoT) devices.

Focus piece: “How to Select the Right Data Analytics Tools & Platforms”

Executive Summary

Today's business landscape runs on data. To make strategic decision-making, unearth new revenue streams, and reveal hidden waste generators, you need to assemble a tech stack that connects all relevant data sources. Read this article from 3Pillar Global to learn how to get the most out of your data.

Key Takeaways

• According to Harvard Business School, companies are better at collecting data about customers and competitors but fall short when it comes to analyzing insights and applying them strategically.
• To get the most value from Big Data, you need to identify the main goals for your program and develop a well-designed strategy. Then, look toward industry-specific use cases and consider how analytics applies to different roles within your organization.
• Business intelligence tools help businesses see and understand data. They can be used for ad hoc reporting, simulation models, performance management, and other complex analysis capabilities.
• According to a report from BI Survey, leading companies are more likely to build custom solutions than laggards, and are more likely to invest in individual tools that match the desired capabilities.

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