It’s a phrase that seems to have popped up suddenly and everyone just kind of already knows what it is. Or maybe they don’t, but they’re just slipping it into conversation so it looks like they know what they’re talking about.
Either way, it’s an overwhelmingly vague subject (big as opposed to small?), so we’d like to talk – in language you can understand! – about big data: what it is, why you should care, and what it means for business.
Just a note – this post will generally cover big data, but we’d like to delve a little deeper into one subset – data spend in your communications lifecycle.
What is big data?
Well, that really depends on your organisation, your product (or service), and your brand’s own interpretation.
In a general business sense, though, big data can be defined as the collection of data from various internal and external sources that are continuously monitored and analysed.
Doug Laney specifies volume, velocity and variety as the three Vs of big data, but questions what analytics we can use to create value and determine results from collected data, in a timely manner.
Why is big data analytics important?
There is a big data revolution. In fact, this is the year many predicted to be the zettabyte era.
So how much is a zettabyte? It’s about 1000 exabytes, and just one exabyte alone has the capacity to hold over 36,000 years worth of HD quality video!
Big data in its raw, organic form has no value; it’s only when this data is sorted, analysed, organised and monitored that it can become a valuable source for measuring business.
Big data is all the data that flows in and out of your business, day in, day out. You’ve got to focus on the right information and analyse, measure, assess and value, with the overarching goal of understand where data is coming from (and going), and how that is affecting business spend (financially, but also time-wise).
Analysing data can monitor patterns and trends, but can also identify abnormalities and irregularities.
How is big data analysed?
Most of the time, the data you analyse will be normal, regular, and uniform. But there will of course be those time where an anomaly pops up, which needs to be attributed and accounted for.
What’s the value?
Well, the ability to measure costs and results that come from the use of big data services like the cloud will create clearer conversations with IT, identify pain points in your business model and mode of operations, identify areas where spend is being used inappropriately or excessively.
And how might one do that...?
...with Tangoe expense management
Tangoe’s complete lifestyle management system can measure data spend right down to the individual item level.
Additionally, it can identify underused products and services, so you have the knowledge to edit your communications spend and allocate funding more appropriately.
Telecom expense management
Sometimes, it might not necessarily about initially finding ways to spend less; instead, it may be a matter of harnessing data spend.
That is, identifying hotspots where more spend needs to be allocated, in turn lowering allocation for other services. Again, it’s all a matter of individual business needs and goals that will determine how expense management can help you spend more effectively or reduce spend.
Is your business where it wants to be?
Did you know that fewer than one in five businesses feel they are exactly where they want to be when it comes to managing and using data? That leaves a lot of businesses stretching their heads and looking at a whole lot of work to do when it comes to data.
But here’s the catch: you can take the work out of monitoring data spend with a system that does it all for you – in real time!
Request a call from a Tangoe expert at Schepisi to discuss Tangoe in more detail. Could real-time expense and data management help your business? Find out now.