The amount of data available to us continues to grow at an alarming rate. According to Statista estimates, the total amount of data created, captured, copied, and consumed globally is projected to grow to more than 181 zettabytes by 2025.
It is no longer enough just to collect big data. Data doesn’t have to be big, it has to be good for business. To succeed, companies need to be able to process it by combining their expertise with the right statistics.
Smart Data VS Big Data
Moving from Big Data to Smart Data is aimed at processing existing data and bringing it into an ordered form. The final product in this case – useful information that will contribute to sales increase, personalized offers, and eliminate many problems which until now have been difficult to solve by the means available.
Big Data is filtered by advanced algorithms and transformed to be further analyzed for actionable insights. Smart Data, on the other hand, skips right to usable concepts. It is intended to be readable from the point of collection before it goes through any analytics system.
The Benefits of Smart Data
Working with Smart Data opens up new opportunities for almost any business process related to data processing, in particular when it comes to real-time information and the Internet of Things. Experts stress that working with Smart Data is available and more profitable for enterprises, i.e. companies that have reached a sufficiently high level of culture collecting and storing large volumes of information.
The companies already embedding Smart Data architecture solutions are far more likely to use the existing data to their advantage and get the edge in the market. A case in point is Amazon which provides personalized offers and tailors product promotions to customers’ needs thanks to analyzing purchase history, customer behavior, and many other factors.
Basically, Smart Data architecture solutions from InData Labs:
- help companies extract relevant data from huge volumes of information that is constantly flooding in;
- speed up analyzing data and getting insights, which gives you an upper hand in the digital world of business;
Smart data plays a critical role in a variety of activities:
- Product and marketing innovations through data collection;
- Improving fuel efficiency through data forecasting;
- Empowering retail sales personnel using data analytics;
- Better animal health intelligence through data standards;
- Around-the-clock monitoring and enhanced patient care;
- And other Smart Data architecture applications.
Strategic Tactics
The deepest insights and informed decision-making are predetermined by the quality of Smart Data architecture. To achieve it, as well as stay competitive and innovative, you need a well-thought-out data strategy.
You should collect, organize and act on data to reap its benefits and achieve your business goals, for example:
- Work efficiency;
- Process optimization;
- Faster decision making;
- Increased number of revenue streams;
- Supreme customer satisfaction.
The right Smart Data strategy gives you the competitive edge as it links data management with business goals and data control. Devising a strategy for your enterprise, bear in mind the following factors:
- Consider The Data Source
Out of a plethora of sources, find those that generate the most relevant and up-to-date data. What’s more, don’t limit yourself to one source. Only combining data from a number of sources will give you the most complete picture of the client base, market, and your business performance.
- Establish Precise Goals
The data processing strategy should be based on a clear end goal. Collecting data just for the sake of it may lead to unnecessary costs. That’s why a structured, goal-oriented approach helps you avoid extra costs and achieve more with less.
- Hire a Team of Experts
Hire a BI team of well-versed marketers, IT specialists, data analysts, and other experts to build a quality Smart Data architecture and maintain it. Working on your data as a whole, they will help you understand customer habits, improve decision-making, and take a glimpse of the future to be a step ahead.
- Get Your Team Ready
Adopting Smart Data presupposes that your team is ready to act fast. The corporate culture of your enterprise must maintain the ability to adapt quickly to changing external conditions. Pay special attention to increasing staff’s motivation for more effective performance, prompt decision-making and focus on achieving goals.
- Ensure Data Quality
Statistics show that companies experience losses up to 12% of their revenue due to bad data. You need a consistent and well-considered approach to ensure data quality across the entire organization to stay assured that information you analyze will bring you the right insights.
- Harness Automation
The only way to handle the ever-extending volumes of data and an increasing number of sources lies in embracing automation tools that optimize data collection and analysis. It’s vital for companies to track the current technology trends and embed advanced tools in their business processes to stay afloat and beat the competition.
The Takeaway
With all the factors considered, your enterprise is bound to work smoothly with the embedded robust Smart Data architecture. Still, the quality of your data and your prompt acting on it stay as fundamental factors that determine the final success.
Smart Data has boundless potential to make your decision-making smart and fast as well as put you at the forefront in the industry.
