Does Your Business Need to Invest in a Big Data Project?

There is so much data in the world, and if analyzed properly, it can be used to help any industry predict growth levels and trends that could ultimately increase revenue and productivity levels. According to research by MGI and McKinsey's Business Technology Office, big data can be used to generate increased value in the five domains it studied including healthcare in the United States, the public sector in Europe, retail in the United States, and manufacturing and personal-location data globally.

But since most of the data that exists does not have any structure and analyzing it is costly and labor intensive, only a few businesses are able to use big data to its “full advantage.” That is why the ICC has created a questionnaire for businesses to answer once they decide to go ahead with a big data project.

1.      What do you want to know?

The amount of big data available is immense and can provide information  like customer preferences, usage trends and patterns, location data, indicators of potential threats, and deviations from normal patterns across both internal and external operations. Bottom line: there is a lot of data out there and businesses need to decide what they want to gain or improve upon from a big data project in order to create a clear path towards a set goal.

2. Do you have a "big data" problem or a "lots of data" problem?

 Data can come in all shapes and sizes, so before a business can install the proper software or solution it has to figure out where it stands on a big data platform. After this evaluation some businesses will realize they don’t have a “big data” need, which will save them from spending unneeded time and money on such a project.

3. Where will the data come from? 

Once a business realizes that it does, in fact, have a big data need it must decide the software or solution that must be brought in and integrated into its system. For example, NICEs’ Interaction Analytics solution can be used to find root cause analysis on agent behavior to optimize its customer experience levels.

4. Is it worth it and will it work?

 Businesses have the potential to reach productivity levels that they never thought possible, with the potential to cause an increase in revenue. MGI found that in developed economies of Europe, government administrators could save more than $149 billion in operational efficiency improvements alone by using big data. There can be many rewarding benefits, so it’s up to a business to decide whether it’s worth investing into a big data project.

For more information about NICE big data solutions, click here.