Enterprise Content Management Company

Soaring diagrams the steps necessary to effectively manage the digital data explosion.

The four steps are:

Capturing data from a variety of sources including phones, websites, sensors, and other devices
Processing the data by merging it, where possible, using IP addresses, customer information, and form completions. Data must be cleaned and structured to aid effective processing by data analysts
Reporting and monitoring using real-time dashboards, marketing information systems, and interactive data management tools
Communication with decision-makers and data input into tools designed to manage customer touch points, such providing appropriate information on the company’s website based on stage in the customer journey

Archiving data for future use,

which includes adding information to HR Directors Email Lists allow easy search at a future date
Improving insights from big data
Unfortunately, there’s no magic bullet that works for every firm, every type of data, and for every data use.

Medical devices produce a type of data that has multiple uses, for instance. It might need to go into a patients electronic medical record (EMR) or the data might be needed in an aggregate form to aid scientific inquiry or manage maintenance of the device — or all 3.

HR Directors Email Lists

Banks and other financial institutions

have a host of laws that they must follow, so tracking data should support their adherence to policy and law. But, they also need to manage customer accounts and understand the banks financial position.

As in our grocery example above, grocery stores need to manage scanner data for both logistics and marketing purposes.

McKinsey Global discovered:

… retailers exploiting data analytics at scale across their organizations could increase their operating margins by more than 60 percent and that the US healthcare sector could reduce costs by 8 percent through data-analytics efficiency and quality improvements.

Yet, the companies achieving these results, like Amazon and Google, are the exception, rather than the rule, according to McKinsey. Most firms see returns on the order of 1%. Is this a failure of big data or the firms use of big data?

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