Big Data, Small Data and The Data Ecosystem

Posted by Lauren Farrell on October 28

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Data inherently has its own ecosystem. And that ecosystem is continually growing and evolving as we move forward with new technology.

As we continually gain new technology and tools - who is implementing processes? The efficiency gains from making this move is beneficial as it helps organizations to make proactive and accurate projections. 

So, how can data make processes more efficient? On this weeks episode of Diving into Data we cover this and more.

 

Siloed Data

In building projects an average project runs 20% over the projected amount of time and 80% over budget. No matter the industry you work in projections are often miscalculated. But how do you minimize these massive discrepancies?

By eliminating siloed data. Everyone captures data, but they don't always share it even though others can benefit from that information. When data is appropriately communicated  processes and outcomes can be optimized.

Sharing more data is obvious, but how?

Data Paralysis

As new technologies allow for much more effective data capture, share and upload - sometimes there is still just too much data leading to data paralysis.

Data paralysis is when the availability of data prevents action from being taken. Often  you have too much data and don't know where to start. Or based on the analysis you don't want to take action because you don't trust it. Can your gut be right in these situations?

Big and Small Data

Everyone talks big data, but we often forget about small data? Not every analysis that can impact your business has to be done by a team of data experts over a lengthy period of time. What steps can you take for your organization to implement analysis across specific projects that will have an impact on effectiveness?

Learn more on this episode of Diving into Data with MarketScale Director of Analytics, TC Riley.

How can you use data to empower your decision-making? Listen now!

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Topics: Data & Analytics, Diving into Data

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