Big data is here, and it’s getting bigger by the second. It is bringing significant challenges as well as opportunities. The horizons of master data management are changing at record speed.
Those businesses and organisations that ignore the implications of big data are going to be left behind. IT professionals need to develop even greater skills than just being able to concentrate on data cleansing solutions. They will need an understanding of big data sources and how the timely analysis of newly merged data can benefit the business. Directors and managers must be ready to receive information and make swift decisions that will help grow the business and keep customers loyal.
The Opportunities
Making best use of big data will be central in developing a business and maintaining a competitive edge. Timely analysis to recognise the latest trends, and the developing problems that need solutions, will lead to better anticipation of demand and management of stock and service offers. It will be a simple matter to decide where in the world you want to trade next, and which borders to cross.
Big data management will be advantageous for consumers as well as providers. For example, it will become easier to find the items and services they want or need to acquire. In the medical sector, they might receive better patient care as information about clinical research and success is circulated and their own vital signs are analysed and compared.
The Challenges
As well as the sheer size and volume of big data, there are other challenges. What merge purge software will help you assimilate and make use of the wide variety of data of different types and unstructured formats, such as text and video? How do you immediately pick up the implicit messages on trends and needs? How do you pass on the crucial information to where it will be most useful, and without delay?
The single customer view will still be important but trends elsewhere will reach local environments far more quickly, so that anticipation will be crucial. Businesses need trained and talented people, together with the technological solutions that will work with their current IT structure. Safe integration will be key. Big data will come from a variety of external sources, which will need stringent policies to be sure of compliance with regulations on intellectual property, privacy, security and liability.
It’s going to become even more important to use data quality software, delete duplicates and have clean data.
Big data is an exhilarating new challenge that brings exciting opportunities for everyone, but we have to keep an eye on the local details as well as the bigger picture.
