Big Data has been the talk of the century. Firms are constantly searching for new strategies to collect and analyze big data for predicting consumer behavior, leveraging business segments, and improving the overall business. But when does "Big Data" become "too much data"?
According to research from the Chartered Institute of Management Accountants (CIMA), from the 72% of organizations that admitted to at least one strategic initiative failing due to flaws in the overall decision-making process, 36% blamed it on information overload. Another 32% admitted to big data actually making things worse.
Google has reported that it typically uses random samples of 0.1% of available data to perform analyses. In other words, with the large amount of big data offering overlapping insights, a company can comprehend just about the same amount of information from one-thousandth of the complete data set.
Large amounts of unstructured, non-integrated data can cause inefficiencies and actually provide added risks to the business and its customers. With the analytical design of Smart Data, companies will now be able to reach the same solutions in a more efficient and timely manner.
Give Stonehill a call today to see how our Smart Data design can help your organization! Our number is 727-641-6145.