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analytics program enablement for growth-mindset organizations

Are You Running Big Data Projects Without a Clue?

inmate“Have the inmates officially taken over the Big Data asylum?” Thus asks Matt Asay in his recent article: Gartner on Big Data: Everyone’s Doing it, No One Knows Why.

Asay was reacting to the disconnect between the following pair of statistics:

  • 64% of enterprises surveyed indicate they are deploying and planning Big Data projects.
  • 56% of respondents have no idea how to get value from their data.

This begs the question: why on earth would you launch a data project if you don’t have any idea how to find the value in that data? Yet this is the kind of mistake that organizations make all the time, simply because they are swept up in a flood of “Big Data” hype.

One need look no further than this pair of statistics to know why 51% of data mining projects either never leave the ground or don’t realize value. And since most organizations begin by spending lots of money on software and new employees, this issue can prove to be a very costly one.

There’s a world of difference between saying, “we need to start using our Big Data somehow,” and saying, “We’d like to increase our sales by a 10% margin over the course of the next year. What changes can we make to make that happen?”

The first statement will lead you into a mess. The second starts in the right place: it targets the desired end result that your company hopes to achieve. From there, it’s a matter of saying: “Well, let’s look at reasons why we’ve sold more products in the past. Let’s find out how to isolate those patterns in our data, and how to duplicate them.”

And, as Asay points out, finding the answers to the second question does not have to be expensive. You can do it with open source software, and you can use existing employees–people who know your business inside and out.

It all comes down to understanding what must be in place before you launch a data mining project. That’s where TMA’s free webinar, Data Mining: Failure to Launch, comes in. Don’t be one of the inmates. Register today and learn how to make the most of your data without making costly mistakes.

Data Mining Webinar

Learn How to Get Predictive Modeling
Off the Ground and Into Orbit
1 Hour Live Interactive Event

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