Businesses Must Avoid Being Overwhelmed by Big Data Complexity
A new report from Ernst & Young, who now go by “EY,” examines how the overwhelming amount of data that is available to businesses today is actually stunting their growth. Modern businesses have access to more data than ever, and while this might sound like a very good thing on the surface, the situation is actually a lot more nuanced than it might initially seem. Businesses have tremendous opportunities at their fingertips, but there is also the possibility to make some costly and time-consuming errors if the right approach is not utilized.
The report, which is entitled “Digital Supply Chain: It’s All About That Data”, underscores the complexity of the latest digital business models. EY believe that those firms that can find a way to manage this complexity will have an edge over the competition moving forward.
Seizing Big Data’s Full Potential
One way supply chain managers can successfully navigate this complexity is by recognizing that the data can either help their business or harm it. Having such a big amount of data is essentially worthless if there is no good method of sorting through it and identifying and analyzing the most relevant information. Otherwise, uncontrollable data growth can actually obscure the insights that businesses need. While machine learning can help speed up the process, data simplification and a sound strategy for data management remain vital.
There are also some advantages to be gained by harnessing the tremendous potential of blockchain technology and IoT, both of which could ultimately prove to be even bigger game changers than the big data revolution companies are dealing with right now.
EY’s Global Technology Sector Leader of Advisory Services, Dave Padmos, said that if the complexity of big data is not correctly managed, it can prevent innovation and stand in the way of reaching the levels of efficiency and automation firms need to be competitive in the modern business environment.