There’s no way around it: we’re in the midst of a data crisis. Companies are facing a wealth of “too much” challenges. A smart data strategy costs too much. It’s too difficult to manage. And figuring out what exactly to do with your data is too confusing. It’s enough to make an organization want to disregard data entirely.
However, with proper planning and perhaps some help from the experts at Katalyst Technologies, these challenges can morph into opportunities. Reach out to schedule a consultation and read on to see how your company can redefine its approach to data.
It‘s Too Expensive
The cost of data storage is ultimately relative, but it’s important to keep in mind that data is very much a long-term investment. The upfront costs can be immense, but if solutions are selected methodically, the benefits will be far greater.
With some companies preferring to collect any and all customer data they can get their hands on—after all, they might find a reason to measure it in the future—storage and maintenance costs can quickly skyrocket. If this is your organization’s strategy, one potential money-saving approach is to host that “potential” data in an unorganized data lake. On a larger scale, Katalyst can help lower costs with our multitude of cloud-based storage solutions.
It’s Too Complex
Hadoop, Hbase…are you shopping for data solutions or did you just draw a handful of random Scrabble tiles? Oftentimes when companies decide to enter or step further into the high-stakes world of Big Data, they make the mistake of going it alone. Not all databases are created equal, and not all of them will be efficient for your business. You know your data needs—let the experts at Katalyst help you find the solutions that will get you there.
It’s Too Confusing
As Kasian Franks, co-founder of Vectorspace AI, told Katalyst, “When a company is able to use data to make predictions, that’s where the real value comes in.” Obviously, predictions can’t account for everything—who would have guessed six months ago that practically the entire world would shut down for weeks?—but it’s vital to use the data you collect to inform future business decisions.
One way to make analysis less intimidating is to combine it with trends and outside data. That allows for a more immediately understandable context. Additionally, it’s important to remember that people don’t just process information intellectually; it registers more when there’s an emotional draw to it. As Harvard Business Review points out, “For numbers to inspire action, they have to do more than make sense—they have to make meaning.” Make your data relatable to anyone who needs to interpret it, and apply key, realistic steps to follow.
Ask yourself why you collect a particular piece of data. How do you think it will ultimately be useful? Don’t just look at what you can do with the data you have now. Look at your end goals and find out what you need that’s currently missing. It may sound paradoxical, but this higher-level approach to managing data will actually make it easier to grasp. Don’t go through your data journey alone. Let Katalyst help.
