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Getting more Value out of your ‘Big Data’

When it comes to your data, shouldn’t you be focusing on more than just compliance and risk mitigation?

Every year companies large and small go to great lengths to reduce the risks and compliance issues associated with records and information. No doubt, you have come across the term, ‘big data’ in reference to organisational records and information. So, what is ‘big data’ really, and does it hold more value than you think?

Wikipedia describes ‘Big Data’ as:

“Big data is a broad term for data sets so large or complex that traditional data processing applications are inadequate. Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualisation, and information privacy.

The term often refers simply to the use of predictive analytics or other certain advanced methods to extract value from data, and seldom to a particular size of data set. Accuracy in big data may lead to more confident decision making. And better decisions can mean greater operational efficiency, cost reduction and reduced risk.”

https://en.wikipedia.org/wiki/Big_data

 

As you can read from the second paragraph, there are a number of benefits to be had from smart use of ‘big data’. Yet may organisations have yet to move beyond a focus on legislative compliance and risk mitigation. With all the time and money spend looking after your data, shouldn’t you be thinking about extracting a big for value from it?

 

A recent Economist Intelligence Unit survey recently put this infographic together:

Big Data Infographic

 

http://live.wavecast.co/virtuouscircleofdata/document/the-virtuous-circle-of-data-2/

The fact is nothing really stays the same and records and information management too will change and shift according to technology and trends in how data is used. While RIM practices believe in disposing of data from time to time, companies actively collecting big data hold on to more for longer. It may seem that RIM and big data are at odds but in reality, they are simply taking two differing views of data and neither one is incorrect.

Statistically, it has been shown that there is great value in analysing big data and understanding the insights generated. Thus taking the time to analyse and understand your data is important to the growth and sustainability of your organisation.

This does not mean that you should relax your RIM policies on risk mitigation and compliance; in fact, you may wish to ensure that it is being used and is adequate for your big data needs. For make no mistake, if you are sitting on big data you may be sitting on a gold mine.

 

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