Why Aggregated Data is Useful for Enterprises?
Napoleon Bonaparte once said, “War is ninety percent information.” In today’s information-driven era, firms engaged in the business warfare are mostly defined by their ability to draw maximum value from data and gain timely access to it. According to a recent statistical report on big data, by the year 2020, each second, about 1.7 megabytes of new information will be created for every person in this planet. These statistics seem quite understandable considering the willingness shown by the enterprises toward amassing data in every possible manner from disparate sources. From gathering information from consumer browsing behavior to omni-channel tracking systems, the companies’ big data systems are all set to capture second-to-second market information and present rich insights to facilitate decision making. Aggregated data obtained by processing of big data involves collecting both numeric and or non-numerical information stored in a multitude of sources for the purpose of public reporting and statistical analysis. This helps decision makers to examine trends, make comparisons, or reveal information and insights that are otherwise not visible when data elements were viewed in isolation.
Despite such profound exploitation and proliferation of information, keeping the heads up in the ocean of big data often turns out to be an ‘Achilles heel’ for the enterprises. According to a study by data integration specialist Xplenty, a third of the business intelligence professionals spend about 50 percent to 90 percent of their time in cleaning up their raw data. The problem is more severe without aggregated data, wherein it doesn’t bear any outcome despite storing information for many years. This puts businesses in a tricky situation where they are not confident about aggregating the data. Also enterprises are concerned about finding easy ways to handle old, aging, and aggregated data.
Few big data experts suggest effective ways for data aggregation and its benefits on companies.
Data aggregation is a time consuming process. The good news is that there are various tools that make it undeniably easier. Twitter is one among them. It is a fabulous source of information that collects the pieces of information from all over the world. With every major happening, people around the world start tweeting away. The further inclusion of hashtags makes the selective search a cakewalk. Enterprises can efficaciously capitalize on this feature of twitter to identify trends and select only the desired data to either store it or analyze it.
Relying on Data Providers:
Depending upon the data providers to make decisions on usability of the data, there is various other effective method of handling stacks of information. It is a typical quick fix that saves the organizations from storing unnecessary data and hence decreases storage costs. Once the value of the data is approved by the “data provider,” it could be then stored for further analysis and deeper scrutiny.
Selling Data to Third Parties:
It is uncommon to see enterprises selling their aggregated data to third parties. One common viewpoint spread over masses is that such sharing of information is apparent, internet largely being a free service. Also, sharing the personal data is the price that people pay and enterprises capitalize on. Hence, enterprises can think about storing everything with the possibility of a future-value.
Talking About Data Specific Landscapes:
The amount of data is mounting at a faster rate than “Moore’s Law” on all the dimensions. With this, grounds rules are changing and almost every industry on the earth is leveraging big data technology to expand the capabilities and capture new domains of ROI generation. However, there are some traditional fields such as weather, retail, climate and harvest that rely mostly on data that gathers at a dizzying pace and need effective set of big data tools in hand to analyze information collected over the decades. Enterprises that aggregate data for these fields are certain to land in good fortune and economy.
Effective Data Aggregation Solutions:
Enterprises have better view of their business intelligence with effective query performance. Hence businesses should consider some key criterion before selecting efficient Data Aggregation Solution. The factors include
- Enterprise-grade solution
- Flexible architecture
- Speed, responsiveness, and quality of the application
- Fast Implementation
The Big Picture
Staying ahead in the technology curve is an obsession for today’s 21st century enterprises. That said, aggregated data will continue to rule the roost owing to its ability to act as a guidelight for organization’s strategies and roadmap. After all, “data really powers everything we do,” as said by Jeff Weiner, CEO of LinkedIn Corporation.