Big Data is not the latest jargon that has crept into executive meetings, it’s becoming an essential business practice used by most organisations today. Over the years, businesses have become aware of the insights that they can gain from data analytics and are collecting increasing amounts of data. Yet, many businesses do not have a proper data strategy in place and are simply collecting data in a frenzy. There is a difference between Big Data and having lots of data. Collecting data just for the sake of it in hopes of using it in the future is not only bad business practice, it leads to potentially costly problems for your company.
Here is a list of issues that companies without a proper data strategy may face. If your company is experiencing any of these problems, it is a tell-tale sign that you need to review your company’s data strategy:
- Storing data is starting to cost more
Even though the price of data storage has plummeted over the years, a poor data strategy will lead to high data storage costs. According to Experian, an information services company in the US, “77 percent of CIOs believe data is a valuable asset in their …